The Nifty remained volatile throughout the day after an initial weak start attributed to negative global cues on April 3. Despite this, the overall sentiment remained robust as the index sustained itself above the key moving averages. The relative strength index (RSI) indicates bullish momentum for the short term.
Over the short term, the index may trend towards 22,650. Support is seen at 22,350 on the lower end.
The Bank Nifty index experienced buying pressure from lower levels and managed to sustain above the support zone of 47,500-47,400. However, it faces immediate resistance at 48,000, and a decisive breakthrough could trigger further short-covering rallies towards the 49,000 mark.
It's likely to consolidate within the range of 47,400-48,000, leading up to the RBI policy announcement, with potential trending moves expected thereafter.
Here are three buy calls for the short term:
Bank of India: Buy | LTP: Rs 145 | Stop-Loss: Rs 134 | Target: Rs 160 | Return: 10 percent
The stock is poised for a breakout from a prolonged consolidation phase on the daily technical chart. This potential breakout is supported by a positive crossover on the momentum indicator RSI, affirming bullish momentum.
A lower-end support level for the stock is established at Rs 134, serving as a cushion for bullish sentiment. The anticipated upside potential target for the stock is Rs 160.
Aegis Logistics: Buy | LTP: Rs 433 | Stop-Loss: Rs 405 | Target: Rs 460/500 | Return: 15 percent
The stock recently experienced a robust breakout on the daily chart, and this week it continues to demonstrate strength, particularly on lower time frames. Bolstering this bullish sentiment, the stock has surpassed its 20-day moving average (20DMA) with notable volumes, signaling strong buying activity.
With lower-end support established at Rs 410-405, any declines toward this level present buying opportunities. The upside targets for the stock are set at Rs 460/500, reflecting the optimistic outlook fueled by recent bullish developments.
IDBI Bank: Buy | LTP: Rs 88 | Stop-Loss: Rs 82 | Target: Rs 93/100 | Return: 14 percent
The stock recently broke out from a descending trendline, accompanied by a significant surge in trading volumes, indicating heightened investor interest. Furthermore, the momentum indicator, RSI, displayed a robust reversal from oversold levels, corroborating the bullish momentum.
Additionally, the stock surpassed its 20-day moving average (20DMA) with substantial volume support, further affirming its bullish stance. These collective signals suggest a strong underlying strength in the stock, potentially paving the way for further upward movement in the near term.
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