Nifty, Bank nifty ended marginally higer as negative global cues capped gains. Nifty closed 52.45 points or 0.29% higher to close at 18055.75. Bank Nifty closed at 38442.20, up 0.25% or 94.30 points from yesterday's close.
Nifty
Nifty has a resistance at 18080, so Nifty should sustain above 18100 for buying momentum to continue. Once Nifty starts trading above 18100, we may see Nifty going towards 18200. Nifty has support in the range of 17950-18000, trading below which may lead to correction in the index till 17800.
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Bank Nifty
Bank Nifty should sustain above 38500 for the upward move to continue. Once Bank Nifty breaks 38500, we may see move extending till 39000. Bank Nifty has a support at 38200. If Bank Nifty breaks 38200, we may see correction till 38000-37800.
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Stocks to watch out.
1. Heranba Industries. (LTP 705.20)
After struggling multiple times at 700, the stock has given break out from inverted head and shoulders pattern with heavy volumes, indicating upward move to continue till 725-750. It has a support at 690.
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2. Tata Chemical (LTP 972.20)
Tata Chemical registered best close since Nov 2021, with heavy volume.
The next resistance is at 1000 and support is in the range of 940-950 so, Tata Chemicals look good short term bet.
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Disclaimer
All the information is from source deemed to be reliable but there is no guarantee to the accuracy. Information is for EDUCATIONAL PURPOSES ONLY and is not intended to give specific trading or investment advice. past performance is no guarantee of future performance. Investment/ trading carries significant risk of loss and you should consult your financial professional before trading or investing. Opinions are given based on widely-accepted methods of technical analysis other methods of analysis. No specific recommendation is given to buy, hold or sell of these markets/securities or exchange traded funds related to these markets.
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