 "Nifty 50, MARKET")
Nifty outlook today, June 18:
Nifty index opened positive, but fell sharply in the initial hour of the day, after which it consolidated in a lacklustre manner on Tuesday.Further, while Nifty share price also managed to close above 24,800-24,850 zones, it has to decisively cross the 25,000 zones for the next leg of rally to commence.
Nifty has formed a 'bearish' candle on daily frame and has started to make higher highs – higher lows from the last two sessions. Now, it has to hold above 24,800 zones for an upside move towards 25,000, followed by 25,250 zone. Nifty share price has support at 24,700 and 24,600.
Nifty F&O data
On the option front, Maximum Call OI is at 25,000, followed by 25,500 strike, while Maximum Put OI is at 24,000, followed by 24,800 strike. Call writing is seen at 24,900, followed by 25,000 strike, while Put writing is seen at 24,000, followed by 24,850 strike.
Nifty option data suggests a broader trading range in between 24,500 to 25,250 zones while an immediate range between 24,700 to 25,100 levels.
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Bank Nifty outlook today
Bank Nifty index opened on a flattish note near 56,000 zones, but failed to hold its gains and gradually drifted lower towards 55,650 zones in the latter part of the session on Tuesday. It formed a small bearish candle on daily scale as selling pressure was seen at higher zones. The index is hovering near its 20-DEMA. While the Nifty Bank index has got stuck in a wider range with supports intact at lower levels, the momentum is missing at higher zones. Now, it has to hold above 55,750 zones for a bounce towards 56,000, and then towards 56,250 levels. A hold below the same could see some weakness towards 55,555 and 55,250 zones.
Stocks to buy today, June 18:
Buy AB CAPITAL | CMP: ₹255 | Stop loss: ₹247 | Share price target: ₹272
AB Capital share price has given a range breakout at its 8 year 'all-time high' zone with a strong bodied bullish candle. The ADX line is rising which confirms the strength of the uptrend.
Buy Persistent Systems | CMP: ₹6,068 | Stop Loss: ₹5,885 | Share price target: ₹6,450
Persistent Systems share price has formed a inverted head and shoulder pattern on the daily scale which suggests a positive trend reversal. The MACD indicator is rising which confirms the positive momentum.
BUY MCX | CMP: ₹7,925 | Stop loss: ₹7,675 | Share price target: ₹8,480
MCX share price has formed a bullish pole and flag pattern on the daily chart suggesting a continuation of the uptrend. The RSI indicator is rising which confirms the upwards momentum.
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Disclaimer: Chandan Taparia is head - derivatives & technicals, wealth management at Motilal Oswal Financial Services. Views expressed are his own.
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