Nifty support at 17500, Bank Nifty to trade in 38400-40500 range; Ashok Leyland, SBI, Tata Steel top stocks
时间:2024-06-29 02:49:40 阅读(143)
By Dharmesh Shah
Equity benchmarks extended profit booking over a second consecutive session and concluded the previous week on a subdued note. The Nifty skidded 2.4% to settle for the week at 17672. The broader markets performed in tandem with the benchmark and settled 2% lower. Sectorally, pharma, PSU Banks relatively outperformed while financials, energy, PSU underwent profit-booking
– The weekly price action formed a bearish engulfing candle indicating profit booking at higher levels and pause in upward momentum.– Going ahead, we expect the index to hold above the Friday’s panic low (38426) on a closing basis and enter into a consolidation in the broad range 38400-40500 in the coming weeks thus forming a higher base for the next leg of up move
– We believe the current breather should not be seen as negative instead it should be used to accumulate quality banking stocks– The short term support base for the index is placed at 38000-38400 levels being the confluence of:a) 80% retracement of the recent up move (36876-41829)b) the upper band of the recent seven months range breakout areac) the rising 10 weeks EMA is also placed at 38260 levels
(Dharmesh Shah is the Head – Technical at ICICI Direct. Please consult your financial advisor before investing.)
ICICI Securities Limited is a SEBI registered Research Analyst having registration no. INH000000990. It is confirmed that the Research Analyst or his relatives or I-Sec do not have actual/beneficial ownership of 1% or more securities of the subject company, at the end of 22/04/2021 or have no other financial interest and do not have any material conflict of interest. I-Sec or its associates might have received any compensation towards merchant banking/ broking services from the subject companies mentioned as clients in preceding 12 months
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