Indian Indices are at an all-time high. Is it time for traders to take action?

It’s the end of the week again and the market performance has been looking quite beautiful in recent days. With Indian companies performing well, foreign funds flowing in and low China numbers, the market has been flourishing.

So let’s take a look into what’s the next step for traders.

Let’s begin!!

Nifty at a lifetime high. How high can we go?

As per our technical analysts, the last session of Nifty broke out from the resistance zone and made a new lifetime high. It then formed a spinning top kind of candlestick pattern. traders can expect an upside move.

Our recommendation:

Buy above – 19020
Stop loss – 18900
Target – 19140

With Nifty performing so well, what’s the fate of Bank Nifty?

Our technical analysts have been up all morning and here’s the analysis. The last session of Bank Nifty tested a recent high then it got rejected from the level. It then formed a bearish pin bar candlestick pattern. Traders can expect sideways patterns in this session.

Our recommendation:

Sell below – 44210
Stop loss – 44550
Target – 43870

Trending Equity News:

It’s the end of the week and a lot of news has been flowing in. Let’s get into the trending equity news of the day.

In open market transactions, promoter company SB Adani Family Trust sold 1.8 crore equity shares, or 1.57% of the company, at an average price of Rs 2,300 per share. The sum of the stake sale is Rs 4,140 crore. As of March 2023, Gautam S. Adani and Rajesh S. Adani held 59.13 crore shares, or 51.87% of the firm, on behalf of SB Adani Family Trust.

The public sector lender Canara Bank has received the board’s approval for its capital-raising plan for FY24, amounting to up to Rs 7,500 crore, through debt Instruments. During FY24, the bank will raise capital by issuing additional Tier I bonds that are Basel III compliant in the amount of Rs 3,500 crore and further Tier II bonds in the amount of Rs 4,000 crore.

That’s all the exciting info for today. We’ll be back with more info soon.

Until then, Happy Trading!!

Commodity Samachar
Learn and Trade with Ease