Indian Stock Exchange: A tough battle unfolded in the market as the Nifty remained highly volatile throughout the day. The sentiment may continue to lean towards the bears as the Nifty struggled to break above the 21500 mark, where call writers held large positions. Looking ahead, the trend is likely to remain sideways, fluctuating within the range of 21300 and 21500. However, a decisive break above 21500 could push the index to 21700/22000 soon.
Bank Nifty
Meanwhile, the bulls successfully defended the crucial support level of 44500, establishing it as a critical line of defense. If the index holds above this support, a possible pullback rally to the resistance levels of 45500/46000 is anticipated in the near term. However, a break below this support on a closing basis could lead to further downside pressure, with the index targeting levels around 44000-43500.
Stocks to Buy
GPPL | Recommendation: Buy | CMP: ₹163 Purpose: ₹169/175 | Stop Loss: ₹154
GPPL stock is showing a bullish trend with a consistent pattern of higher highs and higher lows, indicating a strong uptrend. Currently trading above its 20-day moving average, the stock is showing resilience. The Relative Strength Index (RSI) is in a positive crossover, further supporting a positive outlook. Investors can consider starting a long position in the range of 160-163, setting a stop-loss at 154, and target levels of 169/175 for potential gains.
PNC Infra | Recommendation: Buy | CMP: ₹410-400 | Purpose: ₹460/500 | Stop Loss: ₹370
PNC Infra exhibited a robust bullish scenario, emerging from a symmetrical triangle pattern on both daily and monthly charts, accompanied by significant volumes. The momentum indicator, RSI, confirmed this bullish momentum with a positive crossover. Additionally, on the daily chart, the stock has risen above a flag pattern, further proving the bullish setup.
WestCoastPaper | Recommendation: Buy | CMP: ₹730-720 | Purpose: ₹775/800 | Stop Loss: ₹695
WestCoastPaper has consolidated within a wide range from 695 to 750, and there are indications of a break of this range. The momentum indicator RSI showed a positive crossover, signifying bullish momentum. In the lower time frame, the stock also broke above its 20-day moving average (20DMA) and found support at its 50-day exponential moving average (50 EMA). Multiple bullish candlestick patterns indicate strong buying interest at lower levels, which sets up . the bullish undertone.
The author, Rupak De is a Senior Technical analyst at LKP Securities
Disclaimer: The opinions and recommendations made above are those of individual analysts or trading companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Unlock a world of Perks! From insightful newsletters to real-time stock tracking, breaking news and a personalized news feed – it’s all here, just a click away! Login Now!
Catch all Business News, Market News, News Events and Latest News Updates on Live Mint. Check out all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
More or less
Published: 28 Jan 2024, 11:02 IST