2 weeks Ago
While the Nifty Bank index continued its winning streak into the sixth consecutive session, finishing the day with a strong 0.62% advance, adding 342.70 points to settle at 55,647.
20, marking a move into uncharted territory, the Nifty index continued its winning streak for the sixth consecutive session on Tuesday, closing the day with a 0.17% gain (41.70 points) at 24,167.
25, just short of its three-month high. The India VIX, a measure of market volatility, dropped 1.84% to 15.
23, suggesting that worries about global risks are abating. The stocks will be in focus on the back of the fourth quarter's corporate results will be released on Wednesday by a number of companies, including 360 One WAM, Bajaj Housing, TATA Consumer, and LTI Mindtree. Nifty Outlook Today "Nifty has shown impressive resilience, pushing through global noise and maintaining an uninterrupted uptrend for six straight sessions.
But with the index now testing its 3-month peak, the emergence of a Doji candle hints at a pivotal moment. A decisive close above 24,300 could unlock the next leg of the rally, on the other hand, sustaining above the key support zone of 23,850-23,900 will be essential to preserve the bullish structure. In the short term, the market appears optimistic but cautious.
As long as the Nifty remains above 23,850, the bias stays with the bulls. A breakout past 24,250-24,300 could ignite renewed momentum, whereas a drop below 23,850 may lead to mild profit booking towards 23,700. With the index having rallied sharply in recent sessions, a phase of mild consolidation or profit-taking cannot be ruled out at this stage, suggesting a tactical pause may be on the cards before the next breakout," commented Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.
Bank Nifty Outlook Today "Nifty Bank has demonstrated remarkable resilience, navigating global market noise and extending its rally above its previous all-time high of 54,467. However, with the index now stretched well above its 10-day exponential moving average (DEMA) and the RSI staying above the 75 threshold, it points to a potentially pivotal phase. A sustained close above the 56,200 level could open the doors for the next leg of the rally.
Conversely, maintaining footing above the critical 54,700-55,000 zone will be essential to uphold the current bullish setup. In the near term, the outlook remains optimistic yet cautious. So long as the index holds above 54,700, the bias favors the bulls.
However, a breakout beyond the 56,000-56,200 zone could reinvigorate momentum, while a slide below 54,700 might spark a round of profit-taking toward 54,300. Given the sharp up move in recent sessions, a brief consolidation phase or mild pullback cannot be ruled out, hinting at a potential pause before the next directional move," Dhupesh Dhameja further added. Stocks To Buy Today On Wednesday, April 23, Choice Broking's executive director, Sumeet Bagadia, recommended buying two stocks after the Nifty hit its immediate target level of 24,250.
Buy HINDUNILVR in Cash @ Rs 2398.7, Stop-loss @ 2314, Target @ 2566 HINDUNILVR is currently trading at ₹2398.7 and is exhibiting strong bullish momentum, as indicated by the consistent formation of higher highs and higher lows.
This price action suggests a robust reversal in trend. The emergence of a strong bullish candlestick pattern reinforces the likelihood of a sustained uptrend, while a notable increase in trading volumes highlights growing buying interest among market participants. Adding further weight to the bullish outlook, the Relative Strength Index (RSI) stands at 69.
73 and is trending higher, reflecting strengthening momentum. From a technical standpoint, the stock has closed above both its 20-day and 50-day Exponential Moving Averages (EMAs), and it is now approaching the 200-day EMA. A decisive close above this level would provide additional confirmation of the bullish reversal.
A breakout above the immediate resistance level of ₹2450 could potentially open the door for further upside, with a short-term price target of ₹2566. Given the favorable technical setup, investors are advised to initiate fresh long positions at the current market price, while maintaining a stop-loss at ₹2314 to protect against any near-term downside risk. Prudent position sizing and disciplined risk management are recommended to navigate market volatility effectively.
Buy UNITDSPR in Cash @ Rs 1557.6, Stop-loss @ 1500, Target @ 1682 UNITDSPR is currently trading at ₹1557.6 and is demonstrating strong bullish momentum.
The stock has rebounded decisively from lower levels, forming a classic higher high-higher low structure along with a rounding bottom pattern-both of which are strong technical indicators of a sustained uptrend. The formation of a robust bullish candlestick on the daily chart further validates this upward price action.The recent breakout above the key resistance level of ₹1550 adds to the bullish conviction, suggesting further upside potential if the momentum continues.
Technically, the stock is trading well above its 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs), underscoring the strength of the prevailing trend. The Relative Strength Index (RSI) stands at a strong 76.21 and is trending higher, reflecting increasing buying pressure and active participation from market players.
On the downside, immediate support is placed at ₹1525, with a recommended stop-loss at ₹1500 to protect against any short-term volatility. Given the favorable technical setup, breakout confirmation, and rising momentum indicators, traders are advised to initiate long positions at the current market price of ₹1557.6, with a target of ₹1682.
As always, disciplined risk management and appropriate position sizing are essential for effective trade execution. Disclaimer The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up.
Goodreturns.in advises users to consult with certified experts before making any investment decision..
