TGT Financial News

Indusind Bank shows strong potential for a breakout, with both daily and weekly charts indicating upward momentum. The stock rebounded from a support level with high trading volume and closed above a critical moving average. Additionally, RSI suggests increasing momentum.

DLF, HDFC AMC and IndusInd Bank are top three buy ideas from Rupak De, Senior Technical analyst at LKP Securities, for the week ahead. DLF, he said, has broken out of its recent consolidation pattern and has consistently remained above its crucial moving average. Edited excerpts from a chat: With little participation from bank stocks, Nifty eked out a modest gain in the week. How does the trade set-up look like now? Nifty ended the week with a modest gain despite selling in the banking sector. Overall, the sentiment is expected to stay positive as long as it maintains above the critical support level of 19,500 as put writers are likely to offer support at this level. On the upside, resistance is positioned around 19,750-19,800. A strategy of buying on dips would be favorable as long as it holds above 19,500.

Bank Nifty has not been displaying significant momentum, primarily due to the lackluster performance of the heavyweight HDFC Bank. Rupak De, Senior Technical analyst at LKP Securities, says it may not be advisable to consider shorting until Bank Nifty drops below 44,500. “A decisive decline below this level could potentially drive the index towards 43,800/43,500.

NEW DELHI: If Nifty fails to sustain above 19250, it's likely to experience a significant downward movement, says Kunal Shah, Senior Technical & Derivatives Analyst at LKP Securities. “This potential downside could extend towards the levels of 19000 and 18900. In this scenario, a cautious approach is advised, considering the prevailing selling sentiment,” he says in an interview. Edited excerpts:RIL, which ended the week down over 3%, was the biggest drag on Nifty during the week even when buying was seen in financials and IT stocks. How does the Nifty trade setup look ahead of the monthly expiry?During the entire August series, the index has encountered consistent selling pressure from elevated levels.

NEW DELHI: After headline index Nifty ended in the red for the fourth consecutive week, conditions appear unfavorable for most long trades, opines Rupak De, Senior Technical analyst at LKP Securities. “The price action demonstrates an inability to sustain higher levels, curtailing the scope for significant upward movements. This pattern indicates a market environment where caution and strategic planning are crucial, considering the challenges posed to sustaining profitable long positions,” he says.

Nifty PSU Bank is poised for a potential breakout, suggesting a shift in market sentiment, according to Kunal Shah, Senior Technical & Derivatives Analyst at LKP Securities.«It's anticipated that the PSU Bank Index might outperform the broader Bank Nifty Index in the forthcoming trading sessions,» he states. In this interview, he also explains his preference for Maharashtra Bank.

Tata Power, LIC Housing Finance and NCC are 3 stock ideas from Kunal Shah, Senior Technical & Derivatives Analyst at LKP Securities. Keeping a watchful eye on price action and employing appropriate risk management strategies is essential to navigate through such periods of uncertainty in the market, he said.