By Shitij GandhiSMC Global Securities Ltd
Since the beginning of the April series, we have been witnessing short covering by the traders which took Nifty above 10,400 levels once again on Wednesday.
However, on technical charts, 10,400-10,450 should act as crucial resistance for the index and moving forward the range of 10,300-10,500 levels will remain crucial as indicated by option open interest concentration.
Post expiry, we have seen some short covering in Index futures & stock futures but on the whole overall data still remains negative.
Though, if Nifty manages to move above the 10,500 mark, then we can further see short covering towards 10650 levels as well. On the downside, 10,250-10,200 should act as key support levels.
Man Industries (India) has formed a triple bottom formation on the daily interval around Rs 115 levels and risen sharply above the key resistance level of Rs 135 mark last week.
Additionally, the stock has also given a breakout above the bullish flag formation appeared on the weekly interval along with marginally higher volumes with multiple supports on the downside. Traders can accumulate the stock in a range of Rs 135-140 levels for the upside target of Rs 154 and a stop loss below Rs 124.
Disclaimer: The author is Senior Research Analyst, SMC Global Securities Ltd. The views and investment tips expressed by investment experts on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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