The Nifty50 after the gap up opening started correction in late morning deals but managed to claw back in the last couple of hours of trade on short covering on Wednesday after big fall in previous two consecutive sessions.
The index closed sharply higher on reports of Prime Minister may be held an economic review meeting to consider fiscal or monetary measures on Saturday, and ahead of industrial output and CPI inflation data due later in the day.
The Nifty hold on to its crucial support placed at 11,300 levels and made a small bullish candle, which looked like a ‘Hammer’ kind of formation on daily charts, after two big bearish candles in previous two trading sessions.
The Nifty50 opened sharply higher at 11,340.10 but wiped out all its gains in late morning deals to hit an intraday low of 11,250.20. The index managed to recoup those losses in the last couple of hours of trade to hit day’s high of 11,380.75 and closed 82.40 points higher at 11,369.90.
According to Pivot charts, the key support level is placed at 11,286.47, followed by 11,203.03. If the index starts moving upwards, key resistance levels to watch out are 11,417.07 and 11,464.23.
The Nifty Bank index closed at 26,819.20, up 11.70 points on Wednesday. The important Pivot level, which will act as crucial support for the index, is placed at 26,617.86, followed by 26,416.53. On the upside, key resistance levels are placed at 26,957.86, followed by 27,096.53.
Buy Bajaj Finance with stop-loss at Rs 2573 and target of Rs 2644 and Rs 2650
Buy ABB with stop loss below Rs 1445 for targets of Rs 1498 and Rs 1525
Buy India Glycols with stop loss below Rs 503 for target of Rs 539
Buy Cadila Healthcare with stop loss below Rs 399 for targets of Rs 420 and Rs 427
Buy Cummins India with target at Rs 800 and stop loss at Rs 760
Buy Jindal Steel & Power with target at Rs 235 and stop loss at Rs 216
Buy Sun Pharmaceutical Industries with target at Rs 667 and stop loss at Rs 640
Sell Reliance Power with target at Rs 32 and stop loss at Rs 35
Sell Tata Consultancy Services with target of Rs 2085 and stop loss at Rs 2085
Buy Dr Reddy’s Laboratories with target of Rs 2680 and stop loss at Rs 2460
Buy ITC with target of Rs 314 and stop loss at Rs 301
Disclaimer:-The views and investment tips expressed by investment experts are their own. Ripples Advisory advises users to check with certified experts before taking any investment decisions.
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