Nifty will now be eyeing 14900, beyond the 14750; Earn profits instantly in these shares

Market Outlook: Until the Nifty crosses the 14900 level, the market may see a downturn in the short term.

Market Outlook: Today there is a good boom in the stock market. Today the Nifty has strengthened by about 250 points and has crossed the 14750 mark. This was a strong resistance level for the Nifty. However, now the market will be eyeing the next resistance of 14900. Unless the Nifty crosses the 14900 level with some authority, the market will only see a downturn in the short term. Therefore, even after the current boom, investors should do business rather than being very enthusiastic. After breaking the 14900 level, the market can grow rapidly and if it does not, then the recovery of profits cannot be ruled out.

Trade with a cautious attitude

After the recent consolidation in the market, some action is being seen. But it would be better if investors do not fall into this ups and downs and take a cautious approach. The thing is that luckily, we were a little stubborn and did not fall into turmoil. The way the chart is showing now, further corrections cannot be ruled out. As far as the market is concerned, the next major support appears to be at the 14140-14000 level, as it coincides with the daily ’89 EMA ‘and the upward 78.6 per cent retracement has risen to a record high of 15431.75 from 13596.75 . A cluster of resistance is visible at every 100-150 points upwards. Create a strategy for profit here… ..

Asian paints

Viewpoint: Bullish
Previous Close: Rs 2505

The trend of strongness is visible in shares of Airion Paints. Stock prices have managed to come out of their recent congestion phase. After a good trend with a broader outlook, the stock price underwent correction and then went into a consolidation mode. In the coming days, the stock can show a price of Rs 2580-2610. However, while investing, the stop loss can be kept at Rs 2458.

JSW Energy

Viewpoint: Bullish
Previous Close: Rs 87.50

JSW Energy can be invested for short term with a target of Rs 93. For this, keep a stop loss at Rs 83.20. The stock may see further growth as its volume is seen to be increasing. On any decline, the stock can be invested with a target of Rs 93.

Hindalco

View – Bearish
Previous Close Rs 327.15

The entire metal pack has achieved rapid rebound in the last few days. Looking at the ‘Bearish crossover’ of ‘5 & 20 EMA’ on the daily chart, trading punt is showing in the short side. In such a situation, the stock price may fall further. In the coming days in Hindalco, it is recommended to short with a target of Rs 314. Keep a stop loss at the price of Rs 332.

Advice: Sameet Chavan (Chief Analyst – Technical & Derivatives, Angel Broking)