Nifty index opened flattish and after the initial slip to 25650 zones, the index revived and moved northward throughout the day. It eventually crossed 25800 and closed in marginal gains of 40 points. It formed a bullish candle on daily frame with longer lower shadow indicating strong buying at support zones. It continues to form lower highs – lower lows from the last three sessions but attempts of recovery from lower levels have helped the index float. Now it has to cross and hold above 25800 zones for momentum to build towards 25950 then 26100 zones while supports can be seen at 25650 then 25500 zones.
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On option front, Maximum Call OI is at 26000 then 25800 strike while Maximum Put OI is at 25700 then 25750 strike. Call writing is seen at 25800 then 25750 strike while Put writing is seen at 25700 then 25650 strike. Option data suggests a broader trading range in between 25400 to 26100 zones while an immediate range between 25600 to 26000 levels.
S&P BSE Sensex index opened on a flattish note and, after an initial dip towards 83600 zones, it bounced back towards 84000 marks. Post recovery, the index traded sideways within a range of 250 to 300 points for most part of the session. After witnessing profit booking from the upper band in the last two sessions, the index retested its previous swing high, which coincides with its 20 DEMA. On the daily chart it formed a bullish candle but it continues to form lower lows for the last four sessions, indicating some pause within the broader uptrend. Now it has to hold above 83700 zones for an up move towards 84300 then 84700 zones while on the downside supports are seen at 83700 then 83400 levels.
Bank Nifty index opened marginally lower but managed to hold 57700 zones in the initial hour of the session. Later, good buying interest was seen from lower levels as the index extended the momentum towards 58250 zones in the latter part of the session. It formed a bullish candle on the daily scale and it is taking support near its 10 DEMA. The outperformance in the rate sensitive index continues led by buying interest visible in PSU banks. Now it has to hold above 58000 zones for an up move towards 58350 then 58577 levels while on the downside support is seen at 58000 then 57750 zones.
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Nifty future closed flattish at 25904 levels. Positive setup seen in Shriram Finance, Bank of Baroda, Vedanta, BPCL, Phoenix Mills, AB Capital, MCX, LTF, Lodha Developers and IIFL while weakness in Maruti, TCS, Colpal, Naukri, Voltas, Amber, Kaynes Technology, NTPC, Max healthcare and Patanjali.
SOBHA – TECHNICAL CALL OF THE DAY
The stock is comfortably trading above all its key moving averages of 40/100 and 200 EMA levels on daily charts. Sobha is making higher highs and higher lows in the past few sessions which shows positive momentum. This is supported by positive super trend indicators and rising RSI along with volumes reflecting bullish momentum. Interestingly it has also given break out signal crossing its previous highs of 1630 levels today further reinforcing our positive view.
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BUY SOBHA CMP 1656.40 SL 1600.00 TGT 1705.00
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NESCO:
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Narayana Hrudayalaya:
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Jagsonpal Pharmaceuticals:
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Power Grid:
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Titan:
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