“So, now we have to see which side the index will break — upside or downside, so we have to wait and watch. And same goes for Bank Nifty. The range is 38,600 to 39,900,” says Sarita Pansari, Kantilal Chhaganlal Securities.
Looking at the Nifty, Bank Nifty, what should we be expecting from them? Do you think this volatility will continue or maybe Nifty will be able to sustain that 17,000?
Nifty is moving in a downward channel and is currently on the lower end of the channel and also it has taken a support of a trend line coming from October 2021. It is moving in a range of 16,800 to 17,250. And index heavyweight like Reliance presently is respecting its support level of 2180. CNX Metal has broken its support level, but till now there is no follow-up for this. Nifty PSU Bank is currently retesting its breakout level of a 12-year trend line.
So, now we have to see which side the index will break — upside or downside, so we have to wait and watch. And same goes for Bank Nifty. The range is 38,600 to 39,900.
Looking at the Nifty, Bank Nifty, what should we be expecting from them? Do you think this volatility will continue or maybe Nifty will be able to sustain that 17,000?
Nifty is moving in a downward channel and is currently on the lower end of the channel and also it has taken a support of a trend line coming from October 2021. It is moving in a range of 16,800 to 17,250. And index heavyweight like Reliance presently is respecting its support level of 2180. CNX Metal has broken its support level, but till now there is no follow-up for this. Nifty PSU Bank is currently retesting its breakout level of a 12-year trend line.
So, now we have to see which side the index will break — upside or downside, so we have to wait and watch. And same goes for Bank Nifty. The range is 38,600 to 39,900.
You told us that it is difficult to pick up stocks due to volatility in the expiry. But, how would you look at this market? What to watch out for in the next two to three days — any sector that is looking interesting, pharma has made a comeback, metal is among the top gainer, any index-wise sectors that are looking interesting?
Nifty PSU Bank has given a 12-year trend line breakout in November and now again, it has come to retest it. So, we have to wait and watch. It will respect the retest level and again reverse for upside or it will come down. This we have to see. And looking at IndiaMART, I have seen it has give a monthly breakout, so that we can take for investment purpose for target of Rs 6,000 and Rs 6,900.
Related Posts
Denial of responsibility! TechnoCodex is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – [email protected]. The content will be deleted within 24 hours.
