On August 12, the Nifty concluded in green thereby hitting the all-time high at 16375.50. Moreover, Nifty was up by 82.15 points and stood at 16364.40. Consequently, we may see some healthy gains in today’s trading session.
During intraday trade, the BSE Sensex smashes another fresh record and made a high of 318.5 percent, later ended at 54,843.98.
From the broader perspective, both small-cap and mid-cap indices outperform and resume an upward march. Furthermore, the small-cap and mid-cap indices rise by 1.97 percent and 1.07 percent respectively.
In yesterday’s trading session, Bank Nifty was up by 130.65 points and concluded at 35,937.05. Moreover, the opening was negative but in the later afternoon, stretches and managed to end with some healthy gains.
A clear buying pressure was visible in media and IT stocks. On the contrary, pharma stocks were on the selling side.
There was a dip of 2.67 percent in India VIX which came at 12.37.
Nifty Futures
Today, we may expect Nifty to open on a positive note. Moreover, we may see levels trading around 16420—16450.
The chart is reflecting an upward trend thereby forming a strong green candle.
A fresh selling would be done below 16260 levels.
Break and sustain above 16450 then the level may go up till 16550
Traders are advised to buy on lower levels thereby maintain a stop loss below 16260.
Bank Nifty
There was a support level of 36650 but couldn’t breach and showed an upward march.
35790—35670 are the key support levels while 36300 is placed as a resistance level.
A fresh selling would be done below 35650 or else it could test its resistance level of 36300.
If breaches an upward level of 36300 then we may likely see further levels around 36700—37000.
Trendy stock
Yesterday, we have recommended our traders to buy Bharat Forge around 775 which proven great. Moreover, our upside target of 820 accomplishes successfully.
IRCTC
Buy above 2730 with an upside target likely to continue till 2780—2830—3000 levels.
Maintain a stop loss below 2600.
IRCTC has formed a strong green candle thereby reflecting some healthy quarterly earnings.
Tata Power
On the pivot chart, Tata Power has formed a Marubozu candle which provides strength to the stocks.
Buy Tata Power around 133 with a strict stop loss of 126
In the next couple of days, we are expecting to see a decent rally in the stock thereby taking the levels up to 145