February 22, 2024


Passion For Business

Nifty strength only above 9,000 level: CapitalVia Global Research

Marketplace witnessed sharp financial gain scheduling at increased amount Nifty facing stiff resistance at nine,200

Indian current market traded with adverse sentiments in next fifty percent of Wednesday’s session owing to weaker worldwide cues, which induced advertising pressure in broader indices. Nifty managed to near at eight,925.30, slashing 68.fifty five details. FMCG, realty and media sectors traded with optimistic sentiments while economic solutions and private banking companies closed in the crimson. Nifty bank closed at 19,057, slashing 431 details from the previous day’s closing.

As for every the weekly choice data, handful of contact producing on increased strikes ranging from nine,000 to nine,500 is viewed, which reveals Nifty would confront stiff resistance in sub nine,200 zone. The amount of eight,500 will act as guidance as highest put open up desire (OI) is put here. But the Nifty is very likely to confront stiff resistance at nine,000 as highest contact OI is put here. We can witness toughness only if Nifty breaks the amount of nine,000. As a result, traders should really check out to build short situation retaining a near eye on nine,000.

We can see a big momentum in next stocks:

Get: Mindtree Confined (Earlier mentioned Rs 788)

Target: Rs 835

Prevent reduction: Rs 750

The stock is witnessing a reversal from reduced ranges of 750. Further more buying momentum would be witnessed if the stock moves earlier mentioned 788. Breakout from 788 would lead to the stock witnessing extra upward motion. Taking into consideration the technological evidence talked over earlier mentioned, we propose buying the stock earlier mentioned Rs 788 for the target of Rs 835, retaining a cease reduction at Rs 750 on a closing basis.

Get: PVR Confined (Earlier mentioned Rs 1,107)

Target: Rs 1,one hundred eighty

Prevent reduction: Rs 1,065

The stock is forming a reversal sample on each day charts along with RSI-indicator witnessing optimistic divergence in each day charts. A breakout from its resistance put at 1,107 would lead the stock to witness extra upward motion. We propose buying the stock earlier mentioned 1,107 for the target of Rs 1,one hundred eighty, retaining a cease reduction at Rs 1,065 on a closing basis.

Disclaimer: The analyst does not hold situation in any of the stocks mentioned earlier mentioned.