The Nifty recovered for two days after a bullish reversal was indicated by a doji formation on the daily chart. Additionally, the pivotal 55-day exponential moving average has been regained by the Nifty. But for there to be a noticeable increase towards the all-time high of 22,525 on the Nifty, it must clear 22,100. 22,950 may continue to be a reliable level of support for the index at lower prices. The index may go into a consolidation period below this threshold.
The recommendations has been made by Rupak De, Senior Technical Analyst at LKP Securities, as published by Mint.
Bank Nifty data
In the meantime, the BankNifty saw significant buying action from lower levels but struggled to break through the resistance at 47,000. The number for immediate assistance is 46,600–46,500. The forecast is optimistic as long as the index stays above this level. Sharp short-covering rallies towards the 48,000 level are anticipated to start if there is a breakthrough over 47,000.
Stocks to consider purchasing, next week
1. Axis Bank
Purchase at ₹1031; Target rate: ₹1140; Stop Loss: ₹1098
After a significant decline, the stock has been finding support at the crucial 200DMA on the daily chart. On the daily chart, it has also been finding support close to the last swing bottom. In the near run, the stock may see a bounce to the upside, and prospects of a robust bounce will continue to exist as long as it stays above the 200DMA.
2. Indus Tower
Purchase at ₹275; Target rate: ₹300; Stop Loss: ₹267
On the daily chart, the stock has had a swing high breakout. It has also managed to hold above the crucial short-term moving average. Positive momentum is also shown by the momentum indicator.
3. PCBL
Purchase at ₹262; Target rate: ₹285; Stop Loss: ₹252
On the daily chart, the stock has shown a consolidation breakout. There was more volume to support the most recent price hike. Positive momentum is also shown by the momentum indicator.
Disclaimer: The opinions and suggestions expressed above are those of independent analysts, specialists, and broking firms. It is recommended that you consult with licensed professionals prior to making any financial decisions.
