Yesterday, it was a volatile trading session that concluded the standard indices on a positive note. Moreover, it was the IT stocks that truly led the indices towards a positive trend. However, Nifty50 upsurges 46 points and settled at 16496.50.
During the closing session, Sensex gained 226.47 points thereby ending at 55555.79.
If we look at the broader market front, the BSE mid-cap and small-cap indices chop by 0.90 and 1.5 percent respectively.
Amid Sectors, there was a gain of 1.7 percent in Nifty IT whereas metals, PSU bank, and auto indices dragged between the zones of 0.5—1 percent.
On the contrary, Bank Nifty is unceasingly underperforming the wider Indian Stock Market.
Nifty Futures
Nifty50 futures has support at 16450 and resistance at 16580.
Above 16580… Catch it with stop loss below 16450 for the upside target of 16680—16750 and then to 16900 levels in days to come.
Fresh selling we will do in a close below 16450 levels only.
Bank Nifty Futures
On the other hand, Bank Nifty futures has support at 34850—34400 and resistance at 35600.
Looks positive and could test 35600.
More and more upside rally we will see on a close above 35600 mark.
Traders can buy and accumulate Nifty Bank in panic around 35000—34850 with a stop loss below 34400 on a closing basis.
Trendy Stock- NAUKRI (INFO EDGE)
Grab Naukri 5600 CE around 50.00. Risk of 7000/- per lot.
Target looks 150+++
Trendy Stock- MFSL
Grab around 1040. Stop loss below 1000.
Target looks 1120+++
Trendy Stock- ICICI PRUDENTIAL
Buy above 685 with stop loss below 650.
The upside target looks 725—740 and then to 810 levels in days to come.
