Nifty Weekly Expiry: Will the Bull Dance or the Bear Maim?
Nifty has witnessed resistance near the 22,300 levels and with a bearish engulfing pattern visible on the daily chart and some of the select frontline stocks witnessing profit booking, a decisive close below 22,000 zones, shall slightly weaken the bias to slip down till 21,800 (20DMA) which is a strong support zone as of now.
Our Recommended Strike Price was Nifty 22000 – 22250
Potential Level : 22337.24, 22305.66, 22184.64, 22153.06, 21962.19, 21930.6, 21739.74 & 21708.15
Bank Nifty on Edge: Is It a Climb or a Crash?
Bank Nifty also resisted near the 47,400 to 47,500 zone and with some profit booking seen in some of the frontline banking stocks, we can expect a small breather or consolidation in the coming days. Both indices’ daily trends have remained positive and will require additional positive upward movement to maintain the trend
Our Recommended Strike Price was Bank Nifty 46900 – 47400
Potential Level : 47596.29, 47528.98, 47271.12, 47203.81, 46797.12, 46729.81, 46323.12 & 46255.81
Stocks on News
Dr. Reddy’s Laboratories : The company received an appellate order confirming the tax demand, including interest and penalty, from the additional commissioner of central tax. Tax demand will be Rs 35.21 lakh, while interest and penalty will be Rs 23.11 lakh and Rs 35.21 lakh, respectively.
Our Recommended Strike Price for Dr. Reddy’s Laboratories 300 – 350
LTI Mindtree : LTIMindtree has signed a MoU with Eurolife FFH to set up Gen Al and digital hubs in Europe and India. The facilities will be developed in Poland, Europe, and Mumbai. Eurolife FFH will set up the Generative Al and Digital Hub in Athens to develop innovative solutions for insurance businesses in Greece, and LTIMindtree will provide deep domain expertise and support from its dedicated facilities in Poland and Mumbai.
Our Recommended Strike Price for LTI Mindtree 5400 – 5500