Rajesh Palviya : “There is increased confidence that this rise may continue to the 24,200–24,300 level due to the wide rebound in the majority of sectors and the short-covering in a number of large-cap companies. Axis direct Rajesh Palviya advises holding onto positions purchased during the recent downturn as long as the Nifty remains above the 23,600 mark.
Palviya Rajesh: We are closing in the right direction for the first time after over seven weeks of weakness. Rajesh Palviya saw a lot of buying activity during today’s session. The fact that we were able to close above the 200-day moving average from a statistical standpoint is encouraging for this comeback.
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On the higher side, nevertheless, we must keep an eye on the notable call concentration in the vicinity of the 24,000–24,200 strike levels. The market’s ability to respond will be crucial.
The confidence that this rally may continue to the 24,200–24,300 area is increased by the wide the rebound in the majority of sectors and the short-covering in a number of large-cap companies. Positions purchased during the recent fall should be retained as long as the Nifty remains above the 23,600 mark. In this upward trend, the rally may reach 24,000 and then 24,300.
We were able to close over the 51,000 mark in the Bank Nifty, which suggests that the rise may continue. The Bank Nifty may reach the 51,600–51,700 range. The stop loss for holding holdings in banking stocks or the Bank Nifty should be set around 50,800. The rise is probably going to continue if these levels hold over the next week.
We observe significant growth in the IT, pharmaceutical, and real estate sectors. These industries have strong purchasing momentum and have the potential to help the Nifty rise.
Rajesh Palviya: There has already been some recovery, and energy is presently on an oversold trend. We observed some purchasing activity in lower-level power and energy companies throughout today’s session. Short-covering in oversold industries like FMCG, cement, and energy might boost the momentum if the Nifty keeps rising.
Rajesh Palviya: There has already been some recovery, and energy is presently on an oversold trend. We observed some purchasing activity in lower-level power and energy companies throughout today’s session. Short-covering in oversold industries such as FMCG, cement, and energy might give the Nifty further momentum if it keeps rising.
Tech Mahindra IT sector:
Tech Mahindra IT sector’s stock has shown significant positive momentum with a breakout on both the daily and weekly charts. It has a strong configuration and a lengthy data build-up. With a stop loss at ₹1,700, Tech Mahindra’s possible aim is ₹1,815.
Godrej Properties (Real Estate Sector):
Godrej Properties (Real Estate Sector): Despite market weakness, this stock has been rising over the past four to five trading days, building a solid base. After a significant recovery from recent lows, it is currently trading above the 20-day average of its movement. The stop loss is at ₹2,815 and the goal is at ₹2,920.
Titan (Consumer Sector):
Titan (Consumer Sector): The company is building a bottom on the short-term charts following a major correction. There is a clear reversal on the weekly chart. With a stop loss at ₹3,265 and a target of ₹3,440, we anticipate Titan to continue its advances.
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