Stock in focus: Rajesh Palviya of Axis Securities recommends Infosys, Bajaj Finance, and ACC today
Angel Onethe Nifty 50 clocked a new high to reach a milestone of 23000, but immediate follow-up is missing, bias remains positive, and traders should have a buy-on-dip approach. Key indices may consolidate, whereas broader markets may continue to outperform. 23,100 - 23,200 stiff resistance of the rising channel means one should look to book longs ahead of the key election result verdict.The benchmark index has registered a new high at 22,993, indicating bullish sentiments.
The Nifty 50 continues to trend higher, forming a series of higher tops and bottoms, indicating a bullish trend. It has also decisively broken out of the past three months' consolidation resistance zone at 22,800 levels on a closing basis, which remains a positive sign. The short-term supports are placed around 22,800–22,500 levels.
On the upside, the index may extend its rally towards 23,000–23,300 levels in the near term, said Rajesh Palviya, SVP, Technical and Derivatives Research, Axis Securities.Nifty 50 in the current series has witnessed a Long Buildup with a price gain of 1.56% (350 points) and an increase in open interest by 35%. As per options data for the monthly expiry scheduled on 29th May, 23,200 and 23,500 Call strikes have high OI concentrations, indicating strong resistance; on the Put side, high open interest concentrations were at 22,500 and 22,700, acting as support, while the pivotal level will be 23,000, explained Palviya.The stock has confirmed the past four weeks' "consolidation range" breakout at 1460 levels. This breakout is ACCompanied by huge volumes, which signals increased participation.
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