The market may be volatile in the coming season as the election campaign is in focus. On Friday Nifty give a close near the 22500 area. If Nifty able close above 22600 it can go towards 22800 area after that it can go 23,000 mark.
Nifty Analysis
On Friday Nifty open at 22,486 and close at 22,513 having Day high at 22,537 form a bullish hammer candle stick pattern.
Interpreting the Bullish Hammer:
- The long lower wick shows that sellers pushed the price down during the session, but buyers managed to recover.
- It signifiesย bullish pressureย and potential trend reversal.
- Confirmation is essential: Look for follow-through buying in the next candle(s).
- Support and Resistance Levels:ย Support levels are placed at 22400, 22300, and 22100.ย 22300ย having strong support level. Resistance levels are at 22600, 22800.ย 22600 may act as strong resistanceย level till next week as per option chain and open interest analysis.
- PCRย is atย 0.90ย indicate moderate bullish.
- India VIX, the fear gauge gained 1 percent after declining for previous 4 sessions. Currently it is at11.34.
- FII & DII dataย FII net bought shares wroth Rs 1659cr while DII sold Rs 3370cr.
Banknifty Analysis
Banknifty is at the breakout level, Friday its give very strong move open at 48104 and close at 48493 having gain of almost 432 points. If this trend continue it can easily break all time high, currently it is just 143 point s away from all time high of 48636nof December 28,2023.
On the weekly chart also its formed long bullish candlestick pattern and gained 2.9 percet.
- Support and Resistance Levels:ย Support levels are placed at 48000, 482000.ย 48000ย having strong support level. Resistance levels are at 49000, 49300.ย 49000 may act as strong resistanceย level till next week as per option chain and open interest analysis.
- PCRย is atย 1.34ย indicate bullish momentum.
Stock in focus
stock having high deliver percentage
Vijaya Diagnostics Centre Ltd, Grindwell Norton Ltd, Poly Medicure Ltd, Route Mobile Ltd, Sonata Software Ltd. These stocks having high delivery percentage. You can keep a track on these stocks.
Stocks having Increase in Open Interest
Tata Chemical Ltd, Gujarat Gas Ltd, Mahanagar Gas Ltd, ICICI Lombard General Insurance Company Ltd, Metropolis Healthcare Ltd. On these stock there is an increase in open interest. You can keep these stocks in your radar.
Stocks near there breakout level
If these stock cross these breakout level there is a high chance that they can give a good upward move. Oberoi Reality, ICICI Lombard, UTI AMC, Poonawalla Fincorp, Lloyods Engineering Works. Keep an eye on these stocks for this week you may see a good up moves.
Stock to watch
- BALKRISHNA INDUSTRIES
- SUVEN LIFE SCIENCES
- MTAR TECHNOLOGIES
- ASAHI INDIA GLASS
- UNICHEM LABORATORIES
These stocks showing good strength in technical analysis. So you can keep theses stocks in your radar for next week.
Financial Disclaimer:ย This article is for informational purposes only and should not be construed as financial advice. Please consult a qualified financial advisor before making any investment decisions. The author and publisher are not responsible for any losses incurred as a result of using the information provided herein.
