Based on the options data, on Tuesday the focus will be on the 22,250-22,500 range owing to Nifty's weekly expiry, says Dharmesh Bhatt, Head-Derivatives Research at Systematix Institutional.
At current levels, the NSE Nifty is on course to log its longest (9th) weekly losing streak since April 2001, shows market data. Technical analyst expect support around the psychological 22,000-mark.
Stocks to buy today by Angel One: Hitesh Rathi is bullish on GE Vernova, Cyient and Graphite India. He flags 22,200-22,000 as all-important support band, and hurdle at 22,550-22,600 for Nifty.
Tech analyst at Mirae Asset Sharekhan and SAMCO Securities flag 22,000-22,500 range as key support for Nifty in the short-term, and caution of further weakness in Bank Nifty in the H2FY27 outlook.
The Nifty cracked 1.4% to a low of 22,807.55 on Monday, reaching within striking distance of its 200-week moving average at 22,607. The index last closed below the 200-WMA in June 2020, shows chart.
The Nifty closed in the green above the falling channel on Wednesday indicating signs of a trend reversal, says Jatin Gedia of Teji Mandi. The analyst is bullish on Indus Towers and South Indian Bank.
Hitesh Rathi of Angel One advocates adopting a strategy where dips in Nifty could be bought into, while rallies towards key resistance zones can be utilised to consider short positions.
Pabitro Mukherjee of Bajaj Broking says that the Nifty is showing signs of a pullback after forming higher highs and higher lows on Thursday, and adds that the key hurdle stands at 23,600 levels.
Black Box and Adani Ports present attractive technical buying opportunities, while the Nifty remains weak but could see a short-term bounce from key support levels.
Stock ideas for today: The index could now move towards the next support zone of 23,300-23,100, while any recovery is likely to face resistance around 23,600-23,800.
Technical analysts flag presence of multiple hurdles in the 24,000-24,200 region for the Nifty; on the downside, they expect immediate support at 23,800.
On average, Nifty's monthly trading band expanded to nearly 6%, and up to 12% in the following four months after a range contraction, according to NSE's 3-year monthly data.
Given the prevailing combination of elevated crude prices, geopolitical uncertainty and weak market momentum, we recommend maintaining a cautious, stock-specific approach.
Investors should closely monitor domestic and global developments that could act as key catalysts in shaping the intermediate trend and accordingly adjust their strategies as market conditions evolve.
Technical analysts flag that Nifty ranged between 23,600-24,600 after the initial rally in FY27; however, select momentum indicators show improvement for the BSE, NSE benchmark indices on charts.
