Nifty 50 had hit a record high of 15962 on July 16 but fell 2.46 per cent in the next two trading sessions. At present, looking at the current conditions, it seems that Nifty can break the upper band of 15950. If this happens, then a big breakout can be seen in Nifty and it can also cross the level of 16150. At present, support for Nifty remains near 15768-15600. This is to say Bonanza Portfolio Ltd. Rohan Patil, Technical Analyst. Let’s find out what the market outlook is in their eyes.
Bank Nifty may see a rise
Bank Nifty had reached its all-time high i.e. 37708 on 16 July 2021 and then it went into the correction phase. If Bank Nifty fails to break the resistance level of 36 thousand, then there can be a big breakout and it can cross 37500 level. Bank Nifty is showing support at the level of 33,900.
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These shares can be bought
Let us see which stocks can be bought at the moment. Tata Steel is looking attractive in terms of purchase at this time. For the last two months it is trading between 1100 to 1200. Tata Steel broke out of the rectangle pattern on July 9 at the level of 1244. Positive movement is visible in this. It can be bought with a target of Rs 1365. A stop loss of 1225 can be placed in this. Shares of ICICI Prudential Life Insurance are also looking good for buying. Buying can be done with a target price of Rs 680 and a stop loss of Rs 622. Its prices are trading above the short and medium term exponential moving average. This is a positive trend for its prices.
(The stock recommendations given in the story are those of the respective research analysts and brokerage firms. Financial Express Online takes no responsibility for the same. Investments in capital markets are subject to risks. Please consult your advisor before investing.)