On Thursday, the market closed sharply amid heavy volatility. These fluctuations continued on Friday as well and finally closed in the negative zone. The Nifty had closed at the level of 18,255, down 2 points on the last trading day. At the same time, Sensex closed at the level of 61223, down 12 points. Whereas Bank Nifty fell 99 points to close at 38,370 level. Market experts are of the opinion that the current pattern is giving buy signals in the fall. Market exits are seeing the possibility of further upside in the market in the near term.
Talking on what is the strategy in the market in today’s intraday trading Nagraj Shetty of HDFC Securities Said that the near term trend in Nifty remains bullish. Friday’s intraday weakness has not made any significant impact on the bulls’ spirits. Buying on the downside and overall positive daily chart pattern is indicating that Nifty may show the level of 18600 this week. Immediate support for Nifty is located near 18100.
Ruchit Jain of 5paisa.com Lets say there is immediate support for Nifty Bank at 38000 and 37700. Looking at the recent good rally from the lower levels, it can be said that Friday’s weakness is a short decline in the middle of the uptrend. We will soon see more momentum in the market.
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Santosh Meena of Swastika Investmart It is also said that some resistance is being seen in Banknifty. Although its overall structure is fast. If Banknifty manages to break above 38900-39100 level, then we can see 40,000 – 40,500 level also. On the downside, there is immediate support for Nifty at 38000. Its next support is at 37500 and 37000.
Today’s Intraday Calls which can make huge profits
Intraday call by Sumeet Bagdia of Choice Broking
Bharat Electronics Ltd or BEL: Buy at current price, target Rs 230, stop loss Rs 212
NBCC: Buy at current price, target Rs 56-58, stop loss Rs 51
Intraday Call by Avinash Gorakshakar of Profitmart Securities
Cummins India: Buy at Rs 987, Target Rs 1030, Stop Loss Rs 965
Tata Consumer Products: Buy at Rs.763, Target Rs.795, Stoploss Rs.745
Intraday Call by Mudit Goyal of SMC Global Securities
Info Edge (India) Ltd or Naukri: Buy at Current Price, Target Rs 5850, Stop Loss Rs 5640
Adani Enterprises: Buy at current price, target Rs 1900, stop loss Rs 1850
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