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livemint.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
2 top stock recommendations from Sneha Seth
«As far as supports are concerned for Nifty, I believe there is a support around 22,200 followed by 22,000 which is the support zone for Nifty,» says Sneha Seth, Angel One.
It is just a deep sea of red across the screen and both the benchmark indices are not holding up well. Which are the next support levels as per you?
Sneha Seth: If you look at the market, yes, we have seen decent correction. If you see the rollovers for last series, the rollovers were quite decent. In fact, I believe decent amount of shorts have been rolled over to the market.
FIIs long-short ratio is also around 16, which clearly indicates that it is in the oversold territory and until we do not see any buying interest from FIIs in the future segment or in equity segment, the market may continue to be in pressure only.
As far as supports are concerned for Nifty, I believe there is a support around 22,200 followed by 22,000 which is the support zone for Nifty.
At this point in time, Nifty has been trading around the good support zone around 89 EMA on the weekly chart. So, from here onwards, it is very important to see how things shape up.
And if Nifty is holding 22,000, then there are chances that any recovery at least above 22,500, 22,700. If we reclaim those levels on a closing basis, then only we may see some buying interest coming in. Otherwise, chances are that market may continue to consolidate.
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