The Nifty 50 index fell 43.40 points (-0.18%) to close at 23,559.95, while the bank Nifty fell 223.25 points (-0.44%) to settle at 50,158.85.
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The sectoral trend reflected the mixed spirit-PSU banks (-1.38%), FMCG (-130%), and oil and gas (-0.90%) saw significant decline, while metal (+2.6%), auto (+ 0.69%), and India’s consumption (+0.42%) shut down in the positive field, showing flexibility.
Among the Nifty 50 shares, Tata Steel (+4.35%), Bharti Airtel (+3.52%), and JSW Steel (+3.41%) led the beneficiaries, reflecting strong purchases in select metal and telecom shares. On the negative side, ONGC (-2.83%), ITC (-2.32%), and SBI (-2.0%) were the top legords, suggesting profit booking in heavyweight stocks.
Despite the initial instability, the market was found to have stability as traders digest the RBI policy move. When selling pressure in PSU banks and FMCG shares, buying selective indices in metal and auto stocks helped cushion wide indices.
Stock Market Outlook:
Nifty Update – Innovation with purchase opportunities
The Nifty was opened on the flat with a positive bias on Friday, but gradually fell towards 10-Dema to 30 points at 23,493. In the last hour, it overturned a significant support level near 23,443, but still closed at 23,620 from 200-demism. Inverted, the resistance remains at the previous swing high of 23,807.30.
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This dip appears to be a temporary stagnation in the overall uptrend, and we believe that the pullback towards the 23,620–23,400 support area presents a purchase opportunity.
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Major Technical Overview:
Daily Chart: Nifty is trading above 20-DSMA (23,441), but is below 40-demity (23,578). The speed indicator has a positive crossover on a daily time frame.
Hour chart per hour: Index is trading below 20-hour SMA (HSMA) (23,585), but above 40-hour EMA (Hema) (23,541). However, the speed indicator has a negative crossover on the hour chart per hour.
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Market width:
Advance: 1,037
Decline: 1,733 (negative width)
While short -term instability persists, the overall structure remains rapid. Traders can seek opportunities to accumulate on dips within 23,620–23,400 range
Three stocks to buy, recommended by Ankush Bajaj:
Chambal Fertilizers and Chemicals Limited: Buy 555.75 | Target 625- 640 | Lack closed 511
On a four-hour chart, the stock has given a triangle breakout at 540 levels, indicating a possible trend continuity. Additionally, Stock is trading near its lifestyle high, which strengthens the speed of rapid speed, with strong volume spikes seen on the daily chart.
This setup suggests an inverted capacity in the coming days, provided that the stocks above the brakeout level with the ongoing volume support. To confirm the breakout strength, traders can look for follow-three purchases.
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JSW Steel: Buy 980 | Target 1020- 1040 | Lack closed 948
On an hourly chart, the stock has given a reverse head and a breakout to the shoulders, a rapid pattern that indicates a potential tendency and indicates the speed of the top. Additionally, the ADX (average directional index) is above 30, which indicates strong trend power and speed continuity. This suggests that the stock is well deployed in the coming days and well for upside down movement, provided that it is above the breakout level with continuous purchase interest.
M&M: Buy 3198 | Target 3360-3400 | Lack closed 3107
After creating a new lifetime high, the stock has entered a consolidated phase, indicating a healthy price improvement before the next step. Recently, the stock has formed a rapid flag pattern on an hourly chart per hour, a continuity pattern that suggests the possibility of further reverse after a breakout.
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Additionally, the auto sector strengthened regional strength on Friday. Given this setup, a strong breakout from the flag pattern can create a good step in the coming days, provided the volume breakout confirms the speed. Traders should look for continuous purchase interest above the resistance level for further confirmation.
Ankush Bajaj is a sebi-regulated research analyst. Their registration number is inh000010441.
Investments in securities are subject to market risks. Read all the related documents carefully before investing.
The registration given by SEBI and no certification from the NISM is whether no one guarantees the performance of the mediator or provides any assurance of returns to investors.
Disclaimer: The views and recommendations given in this article are of individual analysts. They do not represent the ideas of mint. We recommend investors to investigate with certified experts before taking any investment decisions.
