Stocks to buy: Here is why Apollo Tyres and Wipro are attractive short-term bets
Nifty fell sharply following the downgrading of the US credit rating from AAA to AA+, leading to a breakdown from the recent consolidation on the daily timeframe. The recent fall has pulled the index below the 21-day exponential moving average (EMA) for the first time since March 29. On an immediate basis, 19,300 acted as a support.
However, on the higher end, 19,566 is likely to act as a crucial resistance level. The sentiment is likely to remain weak as long as the Nifty remains below 19,566. However, a decisive move above 19,566 could take the index towards 19,700-19,750.
On the other hand, a failure to move above 19,566 could trigger selling pressure. Following a significant drop, the Bank Nifty index managed to regain some ground and concluded the day with a positive outcome. The bears demonstrated activity around the 45,200-level.
A conclusive break above this level, particularly on a closing basis, could initiate further upward movement, potentially targeting levels around 45,800 or even 46,000.On the downside, a support level can be identified at 45,500. Should the index break below this support, the bears could regain control, potentially leading to more downward movements. In terms of price range, the Bank Nifty index has been fluctuating within the broad range of 44,500-45,200.
A breach on either side of this range could signal a shift towards trending movements. Read all IPO and market stories here Here are two stocks that look attractive: The Apollo Tyres stock has given a symmetrical triangle breakout and sustained above the critical moving average. The RSI is in a bullish crossover, suggesting that the uptrend is likely to continue.
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