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Nifty opened on a flattish note and drifted towards the 25,880 zone in the initial hour. However, bulls soon stepped in and pushed the index towards the 26,000 mark. Despite the upward attempt, Nifty was unable to sustain above 26,000 and again witnessed profit booking in the final hour of the session.
The index continues to remain stuck in a 300 point range between 25,750 and 26,050 over the last few sessions, reflecting a phase of consolidation. On the daily chart, it formed a bearish candle and ended the session with losses of around 100 points near 25,910. Now it has to hold above 25,800 zones for an up move towards 26,000 then 26100 zones while supports can be seen at 258,00 then 25,700 zones.
On option front, Maximum Call OI is at 26,500 then 26200 strike while Maximum Put OI is at 26,000 then 25,500 strike. Call writing is seen at 26,000 then 26,500 strike while Put writing is seen at 26,000 then 25,500 strike. Option data suggests a broader trading range in between 25,400 to 26,300 zones while an immediate range between 25,700 to 26,100 levels.
Bank Nifty index opened on a flattish note but drifted lower towards 58,850 zones in the initial hour of the session. However gradual recovery was seen from lower levels to hit new life high of 59,104 marks at latter part of the session. It formed a small bodied candle on daily scale as buying is visible at lower levels but momentum is missing at higher zones. Now it has to hold above 58,750 zones for an up move towards a new life high territory 59,250 then 59,500 zones while on the downside support has shifted higher to 58,750 then 58,500 levels.
Here are the top stock recommendations
Buy Bharat Forge - CMP: ₹1,396 | SL: ₹1,360 | TGT: ₹1,470
Bharat Forge stock has formed a bullish “Pole & Flag” pattern, suggesting a continuation of the uptrend. The ADX line is rising, which confirms the strength of the uptrend.
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Buy Housing and Urban Development Corp - CMP: ₹244 | SL: ₹235 | TGT: ₹260
HUDCO stock has given a breakout from a “Symmetrical Triangle” pattern on the daily chart and headed up. The RSI indicator is positively placed which has bullish implications.
Buy Bharti Airtel - CMP: ₹2,149 | SL: ₹2,080 | TGT: ₹2,300
Bharti Airtel stock has given a range breakout near its “All Time High” zones with a strong-bodied bullish candle. The MACD indicator is rising, which confirms the strength of the uptrend.
(Disclaimer: Chandan Taparia is the head of derivatives and technicals, wealth management at Motilal Oswal Financial Services. Views expressed are his own.)
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