“For Bank Nifty on immediate basis, one should look for the support at 40,000 zones and Nifty at 17,500. And if these levels sustain then the rally on Nifty would lead towards 17,850 to 17,900 and Bank Nifty likewise towards 41,000,” says Shilpa Rout, Prabhudas Lilladher.
What do you make of the markets going into expiry? Such sort of move in terms of markets, the range is pretty small but you just get a sense that overall things are not looking that great.
Yes definitely. If you look at Nifty and Bank Nifty both the setups they have breached crucial supports that we were expecting to hold. Nifty in that case was 17,700 and Bank Nifty at 40,500. We have breached that and we have now accelerated the sell towards the second support zones of Bank Nifty being at 40,000 and Nifty at 17,500. So if we hold these levels then again a pullback rally can be expected but nothing major on the cards now.Nifty, Bank Nifty which are the levels to watch out for how would you look at that?
For Bank Nifty on immediate basis, one should look for the support at 40,000 zones and Nifty at 17,500. And if these levels sustain then the rally on Nifty would lead towards 17,850 to 17,900 and Bank Nifty likewise towards 41,000.
What do you make of the markets going into expiry? Such sort of move in terms of markets, the range is pretty small but you just get a sense that overall things are not looking that great.
Yes definitely. If you look at Nifty and Bank Nifty both the setups they have breached crucial supports that we were expecting to hold. Nifty in that case was 17,700 and Bank Nifty at 40,500. We have breached that and we have now accelerated the sell towards the second support zones of Bank Nifty being at 40,000 and Nifty at 17,500. So if we hold these levels then again a pullback rally can be expected but nothing major on the cards now.Nifty, Bank Nifty which are the levels to watch out for how would you look at that?
For Bank Nifty on immediate basis, one should look for the support at 40,000 zones and Nifty at 17,500. And if these levels sustain then the rally on Nifty would lead towards 17,850 to 17,900 and Bank Nifty likewise towards 41,000.
Any stock ideas you have?
Yes, I have one buy and one sell. Buy would be HeroMoto Corp. If we look at even in this choppy market today HeroMoto is performing quite well. So with a stop loss of Rs 2530 on intraday basis one should look for targets of Rs 2580 to Rs 2590.
And the other one would be a sell on Wipro. Wipro is breaching again below 400 zones. So with a stop loss of Rs 404 one should look for targets of Rs 390.
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