Stocks to buy: Indus Tower, Bata India among top bets, here's why
Indian stock market: On the daily chart, the index has broken down from the rising channel, indicating a rise in bearish sentiment. The trend is likely to remain weak in the near term, with resistance noted at 22,200. As long as the Nifty remains below this level, a strategy of selling on rallies may be favorable for traders.
Support at the lower end is situated at 21,950 on a sustained basis; a decisive drop below this level could trigger panic in the market. Meanwhile, the Bank Nifty index remained under the control of bears, encountering resistance at elevated levels. Immediate resistance for the Bank Nifty stands at 48,000, coinciding with the highest open interest on the call side.
A breakthrough above this level could trigger fresh short-covering moves. On the downside, the index finds support at 47,050, represented by the 100-day exponential moving average (EMA). Sustaining above this level may pave the way for potential pullback moves in the index.
The stock has moved up after forming a base on the hourly chart. The recent positive move was preceded by a sharp correction in the price. The hourly RSI (14) has exited the oversold zone.
Over the short term, the stock might move towards 354. Support is placed at 322. The stock has risen after two days of consolidation on the daily timeframe, indicating an increase in bullish sentiment.
It has sustained above the critical moving average 21EMA. The hourly RSI (14) shows a bullish crossover. The trend appears bullish in the short term.
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