The Nifty is facing resistance at the 22,125 level, but it has managed to hold on to its 20-day moving average (20-DMA). The view will remain bullish till it trades above that level of 21,650. Above 22,125, we can expect fresh bullish momentum towards 22,300-22,500 levels. And below 20-DMA, 21,440 and 21,200 will be the next support levels.
Bank Nifty is still underperforming, but the cluster of 100-DMA and 200-DMA at 45,400–44,800 is a strong demand zone, and we can expect a short-coverage move anytime soon. An immediate hurdle is likely at 46,300, while 47,000 will remain a key resistance level for any meaningful strength. However, a move below 200 DMA can lead to further weakness.
Here are three buy calls for short term:
INOX India: Buy | LTP: Rs 998.60 | Stop-Loss: Rs 930 | Target: Rs 1,144 | Return: 14 percent
It has witnessed a breakout of a long consolidation of one month, and it has also come above its issue price with strong volume. It has found a strong base at around Rs 800 levels and gives a strong closing above Rs 950. The structure of the counter looks lucrative, as it is trading above all its important moving averages.
The momentum indicators signal positive trends, with the relative strength index (RSI) showing a favourable position and the moving average convergence divergence (MACD) experiencing an upward crossover at the centreline.
On the upside, Rs 1,100 is the immediate horizontal resistance; above this, we can expect Rs 1,140+ levels in the near term. On the downside, Rs 930 will be taken as important support during any correction.
TVS Holdings: Buy | LTP: Rs 8,899 | Stop-Loss: Rs 8,300 | Target: Rs 9,964 | Return: 12 percent
The stock has recently broken out of a symmetrical triangle formation on the daily chart, accompanied by significant trading volume. This breakout suggests a positive outlook for the stock in the short to long term. Additionally, the stock is trading above its important moving averages, further reinforcing its bullish sentiment.
Both the RSI and MACD indicators are supportive of the current strength in the stock's momentum.
In terms of price levels, the range of Rs 9,000 holds psychological significance as a key resistance level. If the stock manages to surpass this level, it could potentially rally towards Rs 9,900 or higher. On the downside, Rs 8,300 is a strong demand zone during any correction.
Latent View Analytics: Buy | LTP: Rs 524 | Stop-Loss: Rs 480 | Target: Rs 600 | Return: 14 percent
On the shorter horizon, the counter is exhibiting traditional bullish momentum and forming higher highs and higher lows. On the longer horizon, it broke from a longer consolidation formation with a large volume, as well as it has also given a breakout of an ascending triangle formation pattern. The counter has a lucrative structure as it is trading above all of its significant moving averages.
The momentum indicator RSI is positively poised, whereas MACD is witnessing a centerline crossover on the upside.
On the higher side, Rs 550 is acting as an important psychological level; above this, we can expect the level of Rs 600+ in the near-short term, while on the lower side, Rs 480 will act as a major support during any correction.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
