Hitesh Tailor, technical analyst at Choice Broking flags that the TCS stock trades below key EMAs on the daily and weekly charts, and expects strong resistance between ₹2,250-2,330 levels.
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.
Nifty fell 0.76 per cent as RBI's rate hike, higher inflation outlook and global macro risks weighed on sentiment.
Nifty's near-term trend remains positive as an inverted head-and-shoulders pattern points to a possible move towards 23,000-23,080.
Axis Bank, Karnataka Bank, PNB, AU Bank and City Union Bank are the 5 bank stocks identified by Ajit Mishra of Religare Broking and Hitesh Rathi of Angel One based on the technical chart set-up.
Immediate resistance for Nifty 50 is placed at 22,875, followed by 23,080. On the downside, support has shifted higher to around 22,550.
Nifty has to hold above the 22,700 zones for an upside move towards 22,900, then 23,000 zones, while support can be seen at 22,600.
Technical analysts flag that the HDFC Bank stock rebounded after forming a base around ₹680 in September. Jatin Gedia and Drumil Vithlani expect support for the stock in the ₹710-680 zone.
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.
Stocks to buy today: IDBI Bank has moved above both its 50-day EMA, which indicates that the near-term trend is turning positive, says Sachin Gupta of Choice Broking.
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.
On the broader market outlook, Jatin Gedia of Teji Mandi expects the Nifty to consolidate within 22,500-22,800 band for now.
Stocks to buy today: Kunal Kamble, technical analyst at Bonanza Sona BLW stock has broken out of the falling channel that capped the price movement through August and September.
Stocks to buy today: Chandan Taparia of Motilal Oswal flags formation of a 'bullish' candle, and respect of the 50-DEMA support as the key positive factors for Paytm stock on technical charts.
Shrikant Chouhan of Kotak Securities believes that Ujjivan Small Finance Bank has navigated the stress cycle better than most, and the shift to secured lending broadens the earnings base.
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.
Stocks to buy today: 23,000 remains the key support and a critical level for the bulls to defend, said Osho Krishan of Angel One.
Stocks to buy today: On the weekly chart, PGIL has given a breakout from a Pole & Flag pattern, supported by higher trading volumes, indicating strong buying interest.
Nandish Shah of HDFC Securities has recommended a Bear spread on Bank Nifty and a Bull spread on Canara Bank.
Shares of IFCI and New India Assurance surged up to 53% in the last two months, only to erase gains amid the NSE IPO launch. Tech analysts decode strategy in these two stocks.