Bullish or Bearish? Decoding Tuesday’s Nifty Signals
The Nifty 50 index after making the new high near 22,300 zones took a breather and with some cooling off witnessed, it has slipped to close near 22,100 levels with 22,000 zones maintained as the psychological and important support from current levels. The overall bias is maintained strong and with some revival expected, the index would once again regain strength to carry on the upward move for next targets of 22,400 and 22,800 levels.
Our Recommended Strike Price was Nifty 22100 – 22250
Potential Level : 22508.84, 22477.32, 22286.89, 22255.37, 22134.63, 22103.11, 21912.68 & 21881.16
Bulls vs. Bears: Who Wins in Tuesday’s Bank Nifty Battle?
The Bank Nifty index as compared to the Nifty 50 index is witnessing sluggishness and with near-term support maintained near the 50EMA level of 46,200 zones, it would need to breach above the 47,300 band to trigger for fresh upward move.
Our Recommended Strike Price was Bank Nifty 46500 – 46900
Potential Level : 47354.96, 47288.66, 46888.02, 46821.71, 46567.69, 46501.38, 46100.74 & 46034.44
Stocks on News
TVS Motor Company: Subsidiary TVS Motor (Singapore) Pte Ltd has agreed to acquire a further 8,000 equity shares in Killwatt GmbH for 4 million euros. With this, the shareholding of TVS Motor (Singapore) Pte Ltd in Killwatt GmbH will increase from 39.28 percent to 49 percent.
Wipro: The technology services and consulting company announced a joint private wireless solution with Nokia to help enterprises scale their digital transformation. This joint solution will provide enterprises with a more secure 5G private wireless network solution integrated with their operation infrastructure.
State Bank of India: The Reserve Bank of India has imposed a monetary penalty of Rs 2 crore on the State Bank of India for deficiencies in regulatory compliance.