The weekly trend in Nifty and BankNifty continues to be down. The support for the week is seen at 40,300/11,820, while resistance is seen at 41,980/12,380
The stock price has given breakout on the daily chart by trading above the downward sloping trendline resistance.
With the chart looking promising, we suggest to buy Hindalco and accumulate the stock with an upside target of Rs 220-225 keeping the stop loss near Rs 180 levels.
The range of 12,000-12,050 is a strong resistance zone for the Nifty, which should be taken out on a closing basis to negate the bearish trend.
The up-move in Asian Paints was supported by an exceptional rise in volume, indicating a possible continuation of the positive momentum
The Nifty seems to have completed wave B of the bounce and wave C up on the hourly charts is expected
As per weekly option data, a handful of call writing on higher strikes ranging from 11,800 to 12,200 is observed which shows Nifty is witnessing strong resistance in the sub-11,800 zones.
The bias remains corrective and cautious. However, it is also time to cherry-pick good stocks like SBI, Maruti, Tata Steel, FMCG, etc to accumulate.
CONCOR has retraced considerably from its record high and reached closer to the support zone of the long-term moving average (200 EMA) on the daily chart
Technical Calls by Gaurav Garg, Head of Research at CapitalVia Global Research Limited- Investment Advisor
We may see Nifty going back to 12,300 - 12,390 ahead of the budget and a positive outcome would enable it crossing this sturdy wall of 12,400 convincingly.
The support for the week is seen at 40,950/12,030 while resistance is seen at 42,260/12,460. Bank Nifty would have a range of 30,580-31,880
The Nifty is likely to bounce till 12,300 levels in the short-term after which it is again likely to correct
The RSI on GIC Housing Finance's chart is showing a trend reversal and the chart looks good too for the further upside
Currently, Ramo Cements' stock is hovering in a range, after a sharp up move, offering fresh buying opportunity to those who missed the chance earlier
Technical calls from Vinay Rajani, Technical & Derivatives Analyst, HDFC securities
The Nifty has provided a sell crossover on its hourly charts and with that, the index seems to have reversed the overall trend in the short term.
Stock calls and Outlook on Nifty by Mr. Sameet Chavan, Chief Analyst- Technical & Derivatives, Angel Broking Ltd.
Biocon has maintained a strong base near 280 levels which is a good support level and currently has indicated a positive bullish candle pattern to imply strength
The daily, as well as weekly momentum indicator MACD for Nifty, is well in the buy mode