The Nifty experienced a significant rally as Put writers amassed substantial positions at 21,500. Additionally, the daily chart showed a breakout from consolidation. The relative strength index (RSI) indicates a bullish crossover, coinciding with the index positioned above a crucial moving average.
Looking ahead, the index potentially aims for a range between 21,750 and 21,800 on the upside, with support resting at 21,500.
The Bank Nifty recently experienced a breakout from consolidation as observed on the daily chart. It's been consistently maintaining a position above a critical moving average.
Additionally, the RSI reflects a bullish crossover on the daily chart. Looking forward, the index could potentially target levels between 48,500 and 48,800 on the upside, with a support base at 48,000.
Here are three buy calls for short term:
Tata Motors: Buy | LTP: Rs 741 | Stop-Loss: Rs 719 | Target: Rs 800 | Return: 8 percent
The stock has shown a sharp upward movement lately, surpassing the previous swing high. The current sentiment appears positive as the price continues to stay above the crucial moving average.
On the daily chart, the RSI indicates a bullish crossover. In the near future, the index is anticipated to reach Rs 800. Conversely, support at the lower end remains at Rs 719.
MCX India: Buy | LTP: Rs 3,188 | Stop-Loss: Rs 3,100 | Target: Rs 3,360/3,530 | Return: 11 percent
The stock has consistently held above the crucial moving average in recent days, affirming a positive trend. The RSI indicates a bullish crossover, signaling a positive trend in the near term.
Looking ahead, the stock could potentially advance towards levels around Rs 3,360-3,530 on the higher side, with support anticipated at Rs 3,100.
Apar Industries: Buy | LTP: Rs 5,796 | Stop-Loss: Rs 5,600 | Target: Rs 6,400 | Return: 10 percent
The stock has surged after establishing a solid base on the daily chart, indicating increasing bullish sentiment. The RSI has shown a bullish crossover, implying a positive trend in the near future.
Looking ahead, the stock could potentially climb towards Rs 6,400 on the higher side, with support expected at Rs 5,600.
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