The Nifty traded sideways for most of the session, except for the last hour, during which it recovered from the day's low on November 22. The overall sentiment remains positive as the index has held above the crucial support level of 19,500. Resistance is seen at 19,850 on the higher end and a breakthrough may potentially propel the Nifty towards the 20,200 mark.
The Bank Nifty index experienced persistent selling pressure, resulting in a decline of 0.52 percent, accompanied by significant volumes, on November 22. However, the index successfully maintained the crucial support zone of 43,300-43,200, and a breach below this level could pave the way for further downside.
On the upside, immediate resistance is positioned at 43,600-43,700, and a breakthrough above this range is expected to initiate moves towards the 44,000 mark, where the highest open interest is concentrated on the Call side.
Here are three buy calls for short term:
Bharat Forge: Buy | LTP: Rs 1,097 | Stop-Loss: Rs 1,050 | Targets: Rs 1,200/1,280 | Return: 17 percent
Bharat Forge stock is poised for a potential breakout from a falling trendline, signaling a potential reversal of the downtrend. The momentum indicator RSI (relative strength index) has provided a positive crossover on the daily chart, surpassing the level of 60, confirming the emergence of bullish momentum.
The stock has support at Rs 1,050, and the potential upside targets are identified at Rs 1,200 and Rs 1,280. This data suggests a positive outlook for Bharat Forge in the coming days, indicating potential strength and upward momentum in the stock.
India Pesticides: Buy | LTP: Rs 295 | Stop-Loss: Rs 275 | Targets: Rs 315/320 | Return: 8.5 percent
India Pesticides stock has observed a notable surge in volumes and has been consolidating within a broad range of Rs 255-315. The stock is finding support at its 20-day moving average (20DMA) situated at Rs 285 and is on the brink of a breakout from a falling trendline.
This breakout indicates a potential upward movement in the stock. IPL is poised to surpass its recent high, and the short-term targets for the stock are projected at Rs 315 and Rs 320.
Uno Minda: Buy | LTP: Rs 675 | Stop-Loss: Rs 650 | Targets: Rs 710/720 | Return: 7 percent
The stock has recently experienced a breakout from consolidation on the daily chart, indicating increased demand. Furthermore, it has consistently maintained a position above the crucial moving average, while the RSI demonstrates a bullish crossover.
In the short term, there's potential for the stock to advance towards Rs 700, with a support level firmly situated at Rs 650.
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