ROHAN SHAH
TECHNICAL ANALYST, ASIT C MEHTA INVESTMENT
The place is Nifty headed?
Escalating world uncertainties and a pointy rise in crude costs have weighed on Nifty, resulting in a breakdown under the important thing help ranges of 24,300 and 23,800. The index is at the moment buying and selling under the 61.8% Fibonacci retracement of its earlier rally and has additionally slipped beneath the 100-week EMA, which had acted as a key help since July 2020. From a technical perspective, the following help for the index is positioned round 22,800, adopted by 22,000, whereas 23,800–24,300 now emerges as a crucial resistance zone. Buying and selling Technique: The index has plunged sharply over the previous week, pushing momentum indicators into oversold territory. Therefore, any oversold bounce or pullback in the direction of the resistance zone must be utilised to provoke contemporary quick positions, given the beneficial threat–reward profile. Brief Nifty Feb futures across the 23,800– 24,000 zone, protecting a stop-loss above 24,500 for a draw back goal of 23,300–22,800.
TOP STOCK BETS
IPCA Laboratories: Purchase at CMP: Rs 1,561, Cease-loss: Rs 1,480, Goal: Rs 1,700
The inventory has proven relative outperformance amid broader market weak spot. A rebound from the flat Ichimoku cloud, optimistic future cloud and restricted lagging-span resistance, together with a MACD reversal close to the typical line, signifies strengthening bullish momentum.
Hero MotoCorp: Promote at CMP: Rs 5,206, Cease-loss: Rs 5,500, Goal: Rs 4,700
The inventory has given a breakdown from a bearish Head & Shoulders value sample and has slipped under the 200-day EMA. The MACD has reversed from the zero line and generated a bearish crossover, reinforcing the weak spot in value momentum.
CompaniesRUPAK DE
SENIOR TECHNICAL ANALYST, LKP SECURITIES
The place is Nifty headed?
Crude costs, which fashioned a golden crossover (50DMA above 200DMA) for the primary time in 2.5 years, despatched shockwaves by equities in addition to the rupee. Then again, a dying cross would possibly kind in Nifty because the optimistic hole between the 50DMA and 200DMA is lowering. The sentiment appears to be like very weak and, on the decrease finish, the index would possibly lengthen its correction in the direction of 22,300/19,100. Then again, sentiment improves above 24,000.
Buying and selling Technique: Indicators like RSI have slipped into the oversold zone; nonetheless, in one of these intense sell-off we should always not rely solely on the indicator. We must always watch the value sample, which appears to be like very weak. Any bounce is perhaps good for additional promoting. Preliminary promoting strain was seen in IT; now banking and auto shares are falling sharply. The following corrective leg, when it begins, will probably be extra extreme and most sectors will take part in it.
TOP STOCK BETS
Indian Financial institution: Promote at Rs 871, CMP: Rs 870, Cease-loss: Rs 890, Goal value: Rs 840
The inventory has given a consolidation breakdown, indicating weak spot within the counter.
Solar Pharmaceutical: Promote at: Rs 1,805, CMP: Rs 1,801, Cease-loss: Rs 1,850, Goal value: Rs 1,730
The inventory has fashioned a double prime, after which bullish momentum began to wane. Bearish divergence is seen on the day by day RSI.
RAJESH PALVIYA
HEAD OF TECHNICAL AND DERIVATIVES, AXIS SECURITIES
The place is Nifty headed?
Nifty concluded the week with a pronounced bearish candle, recording a decrease excessive and decrease low in comparison with the earlier week — a transparent sign of sustained promoting strain. Crucially, the index’s weekly shut decisively breached its five-year up-sloping trendline help, beforehand located close to 24,400. This stage has now reworked into a significant overhead resistance zone. Fast draw back help is between 22,900 and 22,800. A decisive break under this band may set off a deeper market correction, probably driving the index in the direction of 22,500. Provide zones are clustered within the 23,800–24,400 vary, the place promoting exercise is anticipated to accentuate. Analysts suggest adopting a ‘promote on rise’ technique except the index manages a weekly closing above 24,000. The bearish near-term momentum is additional confirmed by technical indicators.
Buying and selling Technique:
For the March 24 expiry, a Put unfold is really helpful, catering to a reasonably bearish market outlook. Purchase one lot of 23,200-strike Put (estimated premium: Rs 400–Rs 420) and concurrently promote one lot of twenty-two,800-strike Put (premium: Rs 265–Rs 285). This defined-risk technique units a transparent vary for outcomes, limiting each potential loss and revenue. The break-even level for this unfold is 23,045. The utmost potential loss is capped at Rs 10,075, whereas the utmost revenue potential is Rs 15,925.
TOP STOCK BETS
Coal India: Purchase CMP: Rs 467, Cease-loss: Rs 440, Goal Worth: Rs 495
Inventory is witnessing a consolidation breakout close to the Rs 440-435 zone on day by day charts, indicating a continuation of the prevailing uptrend. Rising volumes together with value stability above 20-DMA sign accumulation at decrease ranges. The formation of upper bottoms and enhancing momentum indicators suggests the inventory might steadily transfer towards the `485-495 ranges within the coming periods.
Indian Financial institution: Promote CMP: Rs 870, Cease-loss: Rs 895, Goal Worth: Rs 840
Inventory is having Weak day by day/weekly construction with decrease excessive low formation on weekly chart, value has damaged under the short-term rising trendline, buying and selling under 20DMA /50 DMA. The RSI slope is downward, indicating additional draw back threat except sturdy help holds.
