Stocks to buy: PNB and Havells among top choices for short-term, here's why
Indian stock market: The Nifty stayed below the psychological 22,500 mark, with call writers at the 22,500 strikes significantly increasing their positions. On the downside, support is expected to hold at 22,400. The buy-on-dips strategy is likely to persist as long as it remains above 22,400.
On the upside, a decisive move above 22,500 could trigger buying interest in the market, potentially pushing the index towards 22,700 in the short term. Meanwhile, Bank Nifty faced resistance at the 48,000 level, finding support at 47,750. Nevertheless, the weekly closure indicates a resilient bullish momentum, with pivotal support identified at 47,500 and resistance at 48,200.
A conclusive breach above the 48,200 threshold, confirmed by a closing basis, could catalyze a bullish upswing towards levels of 48,500 and 48,800. Experiencing a rebound, the stock made contact with its short-term 14-day EMA, indicating a possible uptrend. The RSI displays a bullish crossover, comfortably situated at 65, suggesting the ongoing rally may persist.
Consider opening a long position at the current market price, maintaining support at 124.8. Target levels are identified at 135 and 139. It's advisable for traders to closely observe the support level and stay attuned to market conditions.
In the weekly chart analysis, the stock has exhibited a breakout from a flag pattern, signaling a bullish trend. This upward movement is accompanied by robust trading volume. Furthermore, the Relative Strength Index (RSI) has undergone a bullish crossover.
Anticipating further upward momentum, the stock could potentially advance towards the 400 level. Meanwhile, downside support is positioned at 363. The stock has been moving in a range as the participants looked
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