On the broader market outlook, Vinay Rajani technical & derivative analyst of HDFC Securities says the Nifty needs to break from the 22,204-22,529 range for fresh direction.
According to Ravi Nathani, an independent technical analyst, the Nifty Bank seems to be trapped in 47,625-47,375 trading range.
Technical charts suggest defence related stocks can rally up to 21 per cent from present levels; watch out for these key levels.
According to Ravi Nathani, an independent technical analyst, the Nifty Financial Services index is trapped in 21,280-21,125 band.
The broader indices, the Nifty MidCap and SmallCap need to sustain above 48,000 and 7,100 levels, in order to reverse the recent negative sentiment at the counters, suggests technical charts.
According to Ravi Nathani, an independent technical analyst, the 22,527 level on the upside and 22,170 on the downside are the key levels to watch out for on the Nifty 50 index.
4 out of the Nifty50 stocks zoomed over 100 per cent in FY24; as per technical charts, here's are the key levels that should be closely monitored.
The Nifty Auto Index, currently trading at 21146.20, is showing signs of short-term underperformance, as indicated by its overbought condition and negative divergence on technical indicators
A retracement of up to 50 per cent of the recent fall, can lead up to 18% rally in shares of IIFL Securities, Geojit and Emkay, show technical charts.
Nifty closed on a weak wicket as its closed below its 5, 11 and 20 DMA. In the derivatives, we have seen aggressive Call writing at 22,200-22,300 levels
Nuvama Institutional Equities, in report based on technical analysis, expects the Nifty MidCap to turn bullish above 48,100 and SmallCap above 15,400 levels.
If Nifty closes above 22,225, the next resistance levels on the charts would likely be around 22,350 and 22,575
Here are three key factors that are working in favour of the bulls and bears and could dictate the market trend going ahead as per the technical charts.
The Nifty Metal index is now positioned very close to its resistance levels, which are located at 8,110 and 8,250
The NSE Metal index has rallied 3% so far this week, while the Nifty has edged 0.2% higher. Technical charts suggest select frontline metal shares can rally another 14% from present levels.
Nifty Auto: There is a preference for finding opportunities to go short below 20,300, considering the bearish trend observed in the near term on the charts
Stocks like BSE, KRBL, Prestige Estates, Sharda Cropchem and Sumitomo Chemical are seen exiting oversold zone and can potentially rally up to 16 per cent in the ensuing pullback, suggest daily charts.
33 out of Nifty 50 stocks trade below their respective 50-DMAs; Charts suggest that select stocks can decline up to 13% in case the fall extends towards the 100-DMAs.
If the index falls below the lower boundary of 23025, the next support levels on charts are expected at 22650 and 22250
As of 10 AM on Friday, Yes Bank, Voda Idea, IRFC, NHPC and Tata Steel were the top traded stocks among the Nifty 200 index. Here's a technical outlook on the select shares.