In today’s trading session, Nifty opened in green thereby making a fresh high again which stood at the 16320.75 mark. But as time passes, Nifty came back in red. For the past two months, Nifty was in a consolidation mode and trading around 15450—15950 levels. However, later on, manages to surpass the 16000 mark. Today, in the early afternoon, Nifty is trading around 16250 levels.
As per our view, the overall trend is positive and we may see an upward trend in the coming days. But for now, long-term investors have to be patient and should hold their positions.
Furthermore, not a good time for new investors to enter into. It is advisable for them to wait for correction. Consequently, buying is not at all recommendable for new investors.
Nifty has support at 16230 while resistance at 16350.
If break and sustain below 16230 then we may see levels till 16080—16000.
Fresh buying would take place only if Nifty closes above 16350.
Trendy SBI
SBI is forming a bearish engulfing pattern which clearly signifies a downward trend.
However, we may see a correction in the days ahead and a high possibility to reach the 420 target level.
A decisive close below 435 will confirm the panic then we may see levels around 420.
Traders may sell on the rise thereby maintaining a stop loss of 450.
Trendy BHEL
BHEL is looking negative on the daily chart.
If BHEL does not breach the resistance level 60 then we may see downside levels till 50 mark
However, not a preferable time for fresh buying.
Be watchful traders!!