Bulls vs Bears: Who Will Rule the Nifty on Friday?
Nifty opened with gains and traded with a positive bias throughout the day. It close with gains of 71 points. On the daily charts we can observe that after the sharp runup in the previous trading session the is holding on the gains and also minor dips are being bought into suggesting buying interest. The daily momentum indicator has triggered a positive crossover which is a buy signal. Thus, both price and momentum indicator is suggesting continuation of the upmove. On the upside immediate hurdle is placed at the 22100 – 22130 zone while the support zone has shifted higher towards 21770 – 21750.
Nifty can find support at 21,900 followed by 21,850 and 21,800. On the higher side, 22,050 can be an immediate resistance, followed by 22,100 and 22,150.
Our Recommended Strike Price was Nifty 21850 – 22050
Potential Level : 22280.86, 22249.66, 22061.16, 22029.96, 21910.44, 21879.24, 21690.74 & 21659.54
Bank Nifty’s Friday Fortune: Boom, Bust, or Balance?
Bank Nifty has managed to close above the 20 and 40-day moving averages (45797 & 46084), which is a sign of strength and with the daily momentum indicator having a positive crossover should provide speed to the upmove. On the upside, Bank Nifty can rally towards 46600 – 47000 from short term perspective.
Bank Nifty indicate that it may get support at 46,000, followed by 45,900 and 45,700. If the index advances, 46,500 would be the initial key resistance, followed by 46,700 and 46,800.
Our Recommended Strike Price was Bank Nifty 45700 – 46500
Potential Level : 47366.48, 47300.8, 46903.98, 46838.3, 46441.48, 46375.8, 46124.2 & 46058.53
Stocks on News
BPCL : Reacting to a news report BPCL is setting up the first ever green hydrogen plant in an Indian Airport, the company clarified that it is a pilot project for gaining experience in handling Hydrogen for the automobile sector with an estimated capital investment of Rs 25 crore.
Our Recommended Strike Price for BPCL 625 – 657.50
Max Financial : Max Life has issued a clarification on plea alleging Axis Bank and group companies of making profits via purchase and sale of company’s stakes.
Our Recommended Strike Price for Max Financial 940 – 990
UPL: Ratings agency Fitch has downgraded UPL Corp to BB+ from BBB-ve with outlook being negative.
Our Recommended Strike Price for UPL 485 – 490