The Nifty 50 remained highly volatile, reflecting predominant bullishness throughout the day following a weak start, on February 14. However, the sentiment remains sideways to negative as long as it stays below 21,850. A decisive move above 21,850 might trigger a strong rally in the market.
Beyond 21,850, the Nifty could potentially move towards 22,200. Support for the near term is seen at 21,700.
The Bank Nifty bulls made a robust return, overpowering the bears and successfully defending the crucial support at 45,000. The index is firmly on a buy mode, with immediate support at 45,500 acting as a cushion for the bulls.
The banking index is indicating an immediate target of 46,500, and if it sustains above this level, further upside towards the 48,000 mark can be anticipated.
Here are three buy calls for short term:
GAIL India: Buy | LTP: Rs 176 | Stop-Loss: Rs 165 | Target: Rs 190/200 | Return: 14 percent
The stock is exhibiting a strong upward trend, characterized by consistent higher highs and higher lows on the daily chart. The momentum indicator, RSI (relative strength index), has recently experienced a positive crossover, confirming a buy signal.
The lower-end support is identified at Rs 165, providing a crucial cushion for the bulls. The stock has the potential to reach upside targets of Rs 190 and Rs 200 in the near term.
Punjab National Bank: Buy | LTP: Rs 123 | Stop-Loss: Rs 117 | Target: Rs 130/136 | Return: 11 percent
The stock exhibits a clear uptrend, characterized by higher highs and higher lows, rebounding from a correction to find support at its 14-day moving average.
Moreover, it recently closed above its 10-day moving average post-correction. The relative strength index (RSI) indicates a bullish crossover on the daily chart, currently positioned at 67.
Axis Bank: Buy | LTP: Rs 1,097 | Stop-Loss: Rs 1,050 | Target: Rs 1,150/1,200 | Return: 9 percent
The stock has recently experienced robust buying activity on the daily chart and is approaching a breakout from a falling trendline. Trading above its short-term moving average indicates a positive setup.
The lower-end support is established at Rs 1,050, acting as a foundation for potential bullish movements. The stock's upside targets are projected at Rs 1,150 and Rs 1,200 in the near term.
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.
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