The Nifty has mostly traded within a range, reflecting a largely bullish sentiment. In the last two to three days, the street has been loving a ‘buy on the top’ approach since the Nifty crossed the crucial 19,500 mark. The trend is expected to remain positive as the Nifty consistently ends trading sessions above the critical moving averages. Support levels are located at 19,630/19,500 on the lower side, while resistance is placed at 19,850/20,000 on the higher side.
Bank Nifty
In response to RBI’s tighter consumer lending regulations, the Bank Nifty index opened lower and continued to trade below the 44,000 level. The immediate support of the index is at the 43,300-43,250 zone, which represents a vital protection for bullish traders. If this support is there, it could trigger a possible pullback towards the 44,000 mark. However, if this support breaks, selling pressure could rise, pushing the index further down to the 42,700 level.
Stock to Buy
NYKAA | Recommendation: Buy | CMP: 168 | Target: 185 | Stop Loss: 160
Recently Nykaa has seen breakouts from consolidation over various time frames. In addition, the price has crossed a critical moving average on the daily chart, and the RSI shows a bullish crossover and an upward trajectory. It is likely to move towards 185 on the higher side, with support at 160 on the lower side.
SBILIFE | Recommendation: Buy | CMP: 1414 | Target: 1550/1600 | Stop Loss: 1350
SBI Life has recently broken out of a consolidation phase on the daily chart, accompanied by an increase in trading volume. This breakout is further confirmed by a positive transition on the RSI momentum indicator, indicating an acceleration in momentum. The technical setup suggests a positive outlook for SBI Life. The stock has a support level of 1,350, coinciding with its 20-day moving average (20DMA), and potential upside targets are set at 1,550 and 1,600.
BIRLACORP | Recommendation: Buy | CMP: 1300 | Target: 1400/1480 | Stop Loss: 1250
Birla Corp stock is on the cusp of breaking out of a two-month long consolidation phase. The RSI momentum indicator is about to break out of a downtrend, indicating a potential build-up in momentum. The stock has a visible support level at 1,250, coinciding with its 20-day moving average (20DMA), and potential upside targets are at 1,400 and 1,480. These data indicate a positive outlook for Birla Corp stock as it nears a significant breakout.
The author, Rupak De is a Senior Technical analyst at LKP Securities
Disclaimer: The above opinions and recommendations are the opinions and recommendations of individual analysts or brokerage firms, and not the views of Mint. We encourage investors to check with certified experts before making any investment decision.
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Updated: 19 November 2023, 12:15 PM IST
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