Overall trend - the Nifty Small cap index continues to remain highly robust, with an intend to reach a new historic high.
In such a scenario, traders can benefit by adopting a selling strategy, particularly when the index rallies
The stock of Godrej Properties saw 1 per cent addition in Open Interest (Prov) on Thursday, July 13, with price rising by 1.40 per cent
Delta Corp needs to cross the 200-DMA to regain the momentum, while Nazara Technologies must hold the 200-DMA as a support.
Any level below 19,300 could lead to correction in the Nifty50 index, show charts
There is a strong resistance around the 6,525-mark, which suggests that the Nifty Metal index may struggle to surpass this level in the near future
The final target for the ongoing up trend in the Nifty PSU bank index is projected to be in the range of 4,620 to 4,875
Selective textile stocks are developing robust chart structures
It is crucial to set a strict stop loss at 19,525 to manage risk since resistance levels are projected at 19,380 and 19,490
Tata Power is witnessing some aggressive buying traction. The stock is poised to re-test its peak in the coming months
Barring Eicher Motors, which is presently struggling near its 200-DMA; Bajaj-Auto, TVS Motor and Hero MotoCorp may rally up to 15%
The stock price of Biocon has broken out on the daily chart with higher volumes where it closed at highest level since June 7, 2023
Considering the bullish trend in the Nifty Energy Index, the recommended trading strategy would be to buy on dips
The Nifty Pharma Index is currently trading at a CMP of 12,976.80. The index is expected to undergo a consolidation phase with a negative bias
When the larger trend is strong, stocks in overbought territory tend to continue perform and stay buoyant in the face of any setback.
Midcap IT as a sector has been outperforming and the same is expected to continue
At current levels, charts suggest booking profits or even consider short-selling in Nifty Auto index. Support levels on the charts are expected around 13,900 and 13,500
These stocks can gather steam provided crude prices soften and the government policies remain supportive. Here are the key levels one needs to monitor for these stocks.
The index is expected to find support in the near term between the range of 19,375 and 19,290
Given that the overall trend is bullish, the recommended trading strategy would be to consider buying NIfty50 near the support levels