Due to the fact that both the
indices, the Nifty and the Bank Nifty, were trading at all-time highs, we have
witnessed some correction today—or, more accurately, we can call it a mild
correction.As a result, the higher levels of profit-booking cannot be
denied.However, this is not a significant change in the trend;The upward trend
is going to continue.There is only a brief pause before the actual upside leg
that follows.
As a result, you should definitely use any dips or cuts in either index as an
opportunity to buy on dips.On the Nifty front, the current support level of
18,600 will serve as immediate support; if that level is broken, the Nifty may
experience another 100-150 point correction, which could bring it close to the
18400 levels.On the upper side, the very strong resistance level of 18,800 is
currently in place.If it closes above that level, there will almost certainly
be an upside rally that could push the Nifty higher to levels between 19,000
and 19,120.As a result, the outlook will remain bullish because the stocks have
not experienced a significant correction and are only experiencing a
time-based, not a price-based, correction.In the upcoming one to two trading
sessions, we are likely to see a minor correction of this kind.Yesterday, the
Bank Nifty was the first to show signs of profit bookings at higher levels;
however, looking at the current trend, the Bank Nifty is just trading flattish,
and the banking stocks are also not experiencing any significant corrections.This
slight correction will probably continue, but a very strong support zone will
only exist between 42,600 and 42,500.Once more, a positive momentum is likely
to emerge from that point on, potentially bringing the Bank Nifty back to
43,500 and above 44,000 levels soon.
Going
stock explicit for now, I will give calls both on the purchase and the sell
side.
"SELL ADANI FUTURE BELOW 2 LOTS 3930 TARGET 3880/3840 SL 3970"
I'm going to take a call on Adani Enterprises NSE 0.19 % on the sell side.Long-term, this stock appears to be
doing well; however, it is currently only trading below the 20-day moving
average, suggesting that profit booking is taking place.At around Rs
3,930-3,940, I believe it faces very strong resistance.From a trading
perspective, I believe a short position should be taken.I'm looking for Rs.
3,770 as my goal.A short call can be taken with a stop loss of Rs 3,970.
"BUY BDL CASH 400 SHARES ABOVE 965 TARGET 980/1000 SL 945"
A
buy call on Bharat Dynamics is the
second call I'm making.On the technical setups, this particular counter is
really doing well.It is trading well above the 50 DMA in the form of higher top
and higher bottom patterns. It has the potential, in my opinion, to reach Rs
1020 levels.
Wonder Which Stocks to
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