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2 min read 28 Apr 2024, 04:58 PM IST Trade Now
Kunal Shah
Despite facing selling unit from higher levels, the BankNifty scale managed to support the important enactment astatine 48000.
Indian banal market: The Nifty remained nether selling unit passim the league arsenic the scale failed to prolong supra the important level of 22500. On the regular chart, a acheronian unreality screen signifier is observed, indicating a imaginable bearish reversal. Immediate enactment is situated astatine 22300, beneath which the Nifty could widen its losses towards 22000. On the different hand, the level of 22500 mightiness enactment arsenic a method absorption for the Nifty.
Bank Nifty
Despite facing selling unit from higher levels, the BankNifty scale managed to support the important enactment astatine 48000. The bullish sentiment persists arsenic agelong arsenic it remains supra this level, wherever important unfastened involvement is concentrated connected the enactment side. Currently, the contiguous hurdle lies astatine 48600, and a decisive breakthrough supra this level could pave the mode for caller all-time highs successful the index.
Stocks to buy
Housing And Urban Development Corp Ltd: Buy astatine ₹227 | Target price: ₹250/260 | Stop Loss: ₹214
The banal has experienced a important breakout connected the regular chart, characterized by a crisp surge successful trading volumes, emerging from a sideways consolidation pattern. This breakout is further supported by a affirmative crossover observed connected the regular chart's momentum indicator, the RSI, signaling a bargain opportunity. Additionally, the banal is presently trading supra its short-term moving mean of 20DMA, reinforcing the bullish sentiment successful the market.
Deepak Nitrite Ltd: Buy astatine ₹2450 | Target price: ₹2600/2800 | Stop Loss: ₹2300
The banal is poised for a breakout from a rounding bottommost enactment observed connected the play chart, indicating a imaginable bullish inclination reversal. This sentiment is further supported by the momentum indicator RSI, which has precocious fixed a affirmative crossover and surpassed the cardinal level of 60, confirming the bullish momentum. Additionally, the banal has demonstrated a beardown reversal from its 20-day moving mean (20DMA) astatine 2300, suggesting coagulated enactment and acting arsenic a cushion for bullish traders.
City Union Bank Ltd: Buy astatine ₹160 | Target price: ₹175/185 | Stop Loss: ₹150
The banal is poised for a breakout from a rectangle pattern, suggesting accumulation astatine little levels. Trading supra some its short-term (20DMA) and medium-term (50EMA) moving averages indicates a bullish undertone. Additionally, the momentum indicator RSI has reversed from oversold territory and entered the beardown buying zone, further supporting the imaginable for an upward determination successful the stock's price.
The author, Kunal Shah is Senior Technical & Derivative Analyst astatine LKP Securities.
Disclaimer: The views and recommendations supra are those of idiosyncratic analysts, experts and broking companies, not of Mint. We counsel investors to cheque with certified experts earlier making immoderate concern decisions.
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Published: 28 Apr 2024, 04:58 PM IST
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