Before continuing its upward trajectory, the Nifty may stabilize around 21,500. Consider these two investment suggestions

 Before continuing its upward trajectory, the Nifty may stabilize around 21,500. Consider these two investment suggestions

Before continuing its upward trajectory, the Nifty may stabilize around 21,500. Consider these two investment suggestions

Nifty's rise might reach 21,800 if it breaks over 21,500. Nifty PCR is over 1.45 on the data front, which might lead to some consolidation.

Since the bulls made large purchases in the domestic markets, the havoc they caused on D-Street has persisted. The benchmark index Nifty ended the week higher than when it began for the sixth time. Throughout the week, the index increased by almost 2.5 percent. It is positioned over 6 percentage points, or 6.57 percent, to be more exact, when it comes to monthly increases.

We had covered the prospect of a surge in the Nifty towards 21,400 in last week's issue. We reached this point last week. The index's immediate obstacle as we go might reach 21,500. This is due to the fact that the Nifty fell by almost 1,350 points between 20,200 and 18,850. After breaking over 20,200, the index has increased to 21,500, a gain of 1,300 points once again.

Therefore, in the next sessions, we can see some consolidation from the 21,500 levels. If this is broken, the surge may continue to 21,800. Nifty PCR is over 1.45 on the data front, which might lead to some consolidation.

bank nifty

The IT pack was a big factor in dragging the Nifty Bank index, which underperformed somewhat. In the next weeks, the Nifty Bank index, which is now around 48,000, might potentially hit the 50,000 mark. Less than 47,000 views will be removed on a closing basis.

clever it

Nifty IT has been making higher highs and lower lows since it registered a low of 26,184 on April 17, 2023, which was a possible reversal zone of the bullish BAT pattern. In a little amount of time, the index has gained 9.763 points, or 37 points. arrives at a massive percentage growth. 7–8 months.

The aforementioned indicator has completed a 0.618 percent retracement of its prior decrease in 2022, making it seem quite positive at this time. Moving ahead, resistance will be found around 36,600 and strong support will be found around 34,300. Buying large equities like as TCS, Infosys, and HCL Technologies in the slump is a wise decision.

Here are two short-term purchase calls:

IRCTC

Train

Indian Railway Catering and Tourism Corporation (IRCTC) has been stabilizing around the Rs 630-750 band for the past three to four months. It recently produced a tidy breakout from the specified range, which seems appealing. That being said, the weekly scale breakthrough seems legitimate since it is supported by strong volume.

It has also broken through the bearish trend line that has been there for a year (see chart). Indicators-wise, the weekly DMI (Directional Movement Index) is trending upward, confirming our bullish outlook. The weekly RSI (Relative Strength Index) has also broken above its previous swing high of 60 and is presently hovering around the 68 mark. validates the position of. counter.

Buying in the range of Rs 775-785 is recommended, with an upside goal of Rs 900. The stop-loss will close each day at around Rs 719.

Bank Kotak Mahindra

After strong stabilization between Rs 1,700 and Rs 1,790, an inverted head and shoulders pattern was seen on the weekly time frame. Having said that, Kotak Bank is a compelling purchase candidate since the inverse head and shoulders indicated above have developed quite near to the probable reversal zone of the bullish BAT pattern and the 200 EMA (Exponential Moving Average) is offering support below it. As.

The daily RSI and DMI counters are showing bullish bias on the indicators front. Consequently, with a stop-loss positioned close to Rs 1,750 on a daily closing basis, one may purchase in modest installments in the range of Rs 1,835-1,855 and another in the range of Rs 1,805-1,815 with an upper objective of Rs 2,000. Will go.