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Holding 22,460 could propel the Nifty 50 to the 22,800-23,000 zone, while failure could lead it down to the 22,300-22,200 levels.
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On the higher side, resistance for the Nifty is seen in the range of 22,700-22,775. The upside momentum is likely to accelerate once the all-time high of 22,775 is taken out.
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Looking forward, immediate resistance levels for Nifty are identified at 21,850, with an additional hurdle at 22,124, representing the life high level. On the downside, crucial support levels lie at 21,350 and 21,100.
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Considering the present technical cues and prevailing market mood, a breach below 19,490 on the Nifty on a daily close could trigger a correction, possibly extending to 19,300.
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After several months of consolidation, Indian Overseas Bank has seen a decisive breakout on last Friday. The stock has formed robust bullish candlestick pattern on the daily charts with multi-fold jump in volumes, which brought more positivity in the counter.
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A more-dovish-than-expected monetary policy by the central bank and the easing of Omicron concerns helped the bulls to retain control.
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Vijay Chopra of enochventures.com advises exiting Indian Overseas Bank.
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According to Ashwani Gujral of ashwanigujral.com, one may get into Indiabulls Housing, Dewan Housing Finance Corporation, Can Fin Home and PNB Housing.
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In an interview to CNBC-TV18's Anuj Singhal and Surabhi Upadhyay, SP Tulsian spoke about his readings and outlook on the fundamentals of the market and specific stocks.
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Prakash Diwan of Altamount Capital Management is of the view that one can pick Indian Overseas Bank, Oriental Bank of Commerce and Andhra Bank.
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Rajat Bose of rajatkbose.com is of the view that Indian Overseas Bank may test Rs 32.70 while Union Bank may hit Rs 195.
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Mitesh Thacker of miteshthacker.com recommends buying Aurobindo Pharma, Torrent Pharma, Indian Overseas Bank and Ashoka Buildcon and advises selling Jubilant Foodworks.
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Stocks expected to gain are Sundram Fast, J&K Bank, Adani Ports, Aptech, PFC, Jubilant Life, Natco Pharma, Nitesh Estates, Globus Spirits and Emco, while stocks expected to be under pressure are Lupin, United Bank, Uco Bank, IOB, JK Tyre, Concor, Patel Integrated, Anuh Pharma, Gokaldas Exports, Kennametal, Indag Rubber, Huhtamaki PPL.
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Sameet Chavan of Angel Broking is of the view that one may buy Maruti Suzuki with a target of Rs 4420.
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Watch the interview of SP Tulsian of sptulsian.com with Latha Venkatesh & Sonia Shenoy on CNBC-TV18, in which he shared his readings and outlook on market and specific stocks.
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SP Tulsian, sptulsian.com, shares his views on public sector banks (PSB), Tata Motors after the decline in Jaguar Land Rover (JLR) sales in the US, and certain other important stocks of the day.
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Rajat Bose of rajatkbose.com is bullish on State Bank of India and feels that Indian Overseas Bank may test Rs 33.
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Ashwani Gujral of ashwanigujral.com recommends buying Indian Overseas Bank, DHFL and Motherson Sumi Systems.
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Manas Jaiswal of manasjaiswal.com suggests buying Indian Overseas Bank with a target of Rs 31.50.
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Sudarshan Sukhani of s2analytics.com recommends selling IndusInd Bank and Bank of India.
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Prakash Gaba of prakashgaba.com recommends shorting Dr Reddy's Laboratories, LIC Housing Finance and Coal India.
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Vijay Chopra of enochventures.com suggests selling Reliance Industrial Infrastructure with a target of Rs 340.
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Pankaj Jain of Sunteck Wealthmax Capital one may hold Punjab National Bank and State Bank of India.
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Sharmila Joshi of sharmilajoshi.com recommends buying Jindal Saw with a target of Rs 80.50 and advises selling Indian Overseas Bank with a target of Rs 34.50.
