Nifty to face resistance at 15,850 and 15,925; charts suggest momentum in these two stocks
时间:2024-06-26 16:58:11 阅读(143)
By Rahul Sharma
US markets pulled back on Friday last week with the Dow Jones closing a shade below 35,000 mark. This has made a Doji structure on the major US Indices on weekly basis making the setup indecisive. Nikkei 225 is leading the recovery in Asia up by 1.5%.
The tug of war continued on Friday between the Bulls & Bears but the good thing is there is bullish divergence seen on the daily and hourly charts of Nifty. Both Nifty and Bank Nifty Futures saw fresh addition in positions but it was Bank Nifty that saw volumes spike. Options concentration is seen at 15,700 Puts and 15,900 Calls. Nifty supports are placed at 15,740 & 15,700 while 15,850 & 15,925 is expected to act as resistance. A close above 15,850 should help the index propel higher to challenge the 16,000 mark.
Also Read: HDFC, PNB, Maruti Suzuki, Indian Oil, Tata Motors, Britannia, Tejas Networks stocks in focus
From the sectoral indices front, Midcap100, Metals, Realty & Media continue to look good while Auto Index is attempting to reverse from oversold territory. Bank Nifty remains a cause of concern as it is underperforming the broader market. 33,900 should act as major support to decide the trend from here. A close above 35,000 is a must for the current setup to improve. Nifty Financial Services Index is relatively better than Banknifty and needs a close above 15,860 for fresh upside.
SAILTarget – Rs 160/180
Metal counters have come back into the momentum buyer’s radar after a three-month consolidation background. SAIL saw rising volumes and delivery quantity in last two weeks along with a bullish pennant and pole pattern breakout. Expect it to test 160/180 on the upside with stop-loss placed at 125. (Chart source: Falcon7)
(Chart source: Falcon7)SUN TVTarget – Rs 650
SUNTV has broken out of its 1.5-year triangle pattern along with mega shift in volumes and delivery quantity. Futures saw rise in OI by 20.3% while 600 Calls witnessed maximum addition. One can buy with stop-loss at 540 and target of 650 and above. (Chart source: Falcon7)
(Chart source: Falcon7)(Rahul Sharma is the Director & Head – Research at JM Financial. Views expressed are the author’s own. Please consult your financial advisor before investing.)
猜你喜欢
- Rupee likely to fall further, dollar index may rise to 114 if US Fed hikes rate by 75 bps in November
- Rs 200 LPG price cut on oil cos, govt unlikely to give subsidy
- Nifty to show trend reversal or sink further in trade- See GIFT Nifty, FII data, F&O ban, crude, more before market opens
- Rupee likely to appreciate amid retreat in dollar, strengthening Asian peers; USDINR to trade in this range
- Nifty opens below 17100, Sensex gains 20 pts on Fri, Mar 24; Adani Power shares rise marginally
- Rockingdeals files DRHP with NSE Emerge
- Nifty likely to head towards 18600 by December, Bank Nifty looks to hit 42900; buy SBI, Reliance for gains
- Nifty to trade in 17500-18200 range, Bank Nifty may hit 38800; RIL, Infosys top money making ideas
- Rupee likely to depreciate on strong dollar, elevated crude prices; USDINR pair to trade in this range