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The overall trend looks positive for the Nifty50.
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The trend of the Nifty is likely to remain bullish unless it closes below 18,900.
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The market seems to have reacted to the MPC move as the benchmark indices rallied sharply in the previous session to hit the highest level of current calendar year. Today, the Nifty and Sensex turned volatile
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On the Options front, we have maximum Call Open interest at 19,000 strike, which is Out-Of-Money (OTM) indicating the traders are betting big on 19,000 mark again. Whereas on the Put side, the maximum open interest was at 18,000 strike, suggesting crucial support area for the Nifty in January series
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Kalyan Jewellers India has moved above the recent consolidation, indicating a rise in optimism. The rally in price has been backed by a rise in volume.
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Godfrey Phillips India was also in action, rising 7.5 percent to Rs 1,410.5, the highest closing level since January 27, 2020. It has seen formation of robust bullish candle on the daily charts, which engulfing previous day's red candle, with large volumes.
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If the index shows any recovery, then there could be resistance around 15,400-15,500 area, whereas it could find support around 15,200-15,000 levels, and breaking of which could create some panic in the market, experts say
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The recent low of 15,671 is not far from the current levels now and the moment we slide below it, it will create a panic kind of situation in the market. Below this, 15,350-15,200 are the next levels to watch out for, says Sameet Chavan of Angel One
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The Nifty 50 must surpass 16,800-17,000 levels to gain strength, which is possible if geopolitical tensions ease. However, 16,400-16,200 will act as crucial support levels, experts said.
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Broadly Vidnyan Sawant of GEPL Capital expects the Nifty to trade in a range of 17,000-17,800 levels. For any further upside, it is important that the index breaks and sustains above 17,800 mark.
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Here's what Shrikant Chouhan of Kotak Securities recommends investors should do with these stocks when the market resumes trading today
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Here's what Mehul Kothari of Anand Rathi Shares & Stock Brokers, recommends investors should do with these stocks when the market resumes trading today.
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While a status quo on rates was expected, the equity market cheered the continuity in the monetary policy stance of the RBI MPC.
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After some profit-booking in the past week, stocks are likely to be rangebound in the week ahead, analysts said.
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Here's what Shrikant Chouhan of Kotak Securities, recommends investors should do with these stocks when the market resumes trading today.
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The key support levels to watch for in the short term are 17,531 (20-Day SMA) and 17,254 (3-Week Low), said Vidnyan Sawant of GEPL Capital,
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The country's largest lender State Bank of India is one of the top picks in the PSU banking space, which experts say can beat private banks
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Support for Nifty is placed at the lower band of the rising channel pattern which is placed near 17,000 on the daily timeframe, said Rohan Patil of Bonanza Portfolio
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Technical charts suggest that the banking index may outperform in the coming sessions as Bank Nifty has managed to close above the key resistance level of 36,400.
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The Nifty has crucial support at 14,500-14,700, while the trend reversal and the stop-loss level for the positional traders is 14,500.
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If the index breaches and closes below the 14,200-mark, we might see the correction and can expect a test of 13,600-mark.
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The current movement is a typical behaviour of Wave III and it is an extended impulse wave which suggests the possibility of a strong up move towards 12,500 in the coming days.
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Recommend buying Canara Bank only above Rs 93.50 levels with a stoploss of Rs 90.50 on a closing basis, says Shabbir Kayyumi of Narnolia Financial Advisors.
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The banking index is trading in a rising channel and currently, it is trading near its lower trend line which increases chances of taking support near 22,000.
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As far as levels are concerned, 11,700-11,750 remains an immediate hurdle which coincides with a multi-month upward sloping trendline.
