Nifty registered a file peak of 14,653; nevertheless, erasing early features, it misplaced greater than 200 factors from the day’s excessive. It recouped intraday losses and finally ended on a flat word. Sustenance beneath 14,650 might appeal to some increased value volatility and consolidation inside a band of 14,400-14,650 is feasible.
Post Tuesday’s up transfer, the Bank Nifty shaped an indecisive candle. It recouped the day’s losses however didn’t surpass the morning excessive of 32,684. Follow-up motion must be intently watched out as sustenance above 32,500 is important to proceed current uptrend.
PSU Bank index outperformed for the consecutive session. It rallied 3% and has extra room on the upside. However, the Private Bank index ended on a flat word and has shaped a number of peaks close to 17,900. Inability to carry present ranges within the non-public banking house might appeal to some revenue taking.
Buy Hindustan Copper close to Rs 65.5
- Stop loss: Rs 60.5
- Target: Rs 76
- The stock stood out strongly within the Nov-Dec month and this month, it’s consolidating at higher band holding floor above vital averages. Recent consolidation appears to be in a mature section and optimistic observe by way of might resume the uptrend.
Buy NMDC close to Rs 125
- Stop loss: Rs 118
- Target: Rs 140
- Series of ascending tops and bottoms has saved the near-term outlook optimistic. Sustenance above 21-days EMA might elevate the stock step by step increased until Rs 140 zone.
Amit Trivedi is CMT, Technical Analyst – Institutional Equities, YES Securities. Views are his personal.)