Recovery in banking majors to help Bank Nifty sustain above 42900 level; check list of bullish, bearish stocks
时间:2024-09-29 03:56:54 阅读(143)
By Ajit Mishra
Markets have been maintaining the consolidation tone for over a month now and indications are still mixed over the next directional move. The benchmark indices attempted to regain some strength of late but the decline in the global markets again pushed the bulls on the back foot. Besides, restricted participation in index majors and underperformance of the broader indices is also weighing on the sentiment. Meanwhile, indications are mixed on the sectoral front wherein only the metal index is showing consistency in trend.
Nifty (CMP:18118.55)- Nifty has been hovering within the 17750-18250 zone and currently trading closer to the upper band of the range. It crossed the hurdle of short-term moving averages viz. 20 and 50 EMA around the 18100 mark last week but couldn’t sustain. We need a decisive breakout on either side for the next directional move.
Bank Nifty (CMP:42,821.25)- The performance of the banking index is largely aligned with the benchmark index. It is facing pressure on the rise around the 42700-42900 zone while the 41700-41800 zone is offering support on every decline. The recent recovery in select private banking majors is certainly encouraging but we need to see if they manage to build on the recent gains as that would play a key role in helping the index to sustain above 42900 levels.
Stocks to WatchBullish – Bharat Forge, Coforge, Gail, ITC, M&M, Manappuram, Petronet, Wipro
Bearish – Ambuja Cement, Berger Paint, Naukri(Info Edge), Ramco Cement and Zee Ltd.
(Ajit Mishra is VP- Technical Research at Religare Broking Ltd. The views expressed are author’s own.)
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