Stocks to Buy: Why Indiabulls Real Estate and Greenpanel look attractive for short term
Nifty index has declined to a significant moving average (55-EMA) support level. The sentiment is expected to stay bearish as long as the index remains below 19,450, where the 21-day Exponential Moving Average (EMA) is positioned on the daily timeframe. If the index decisively falls below 19240, it could potentially lead the Nifty towards the 19,000 mark.
The Bank Nifty index witnessed an ongoing struggle between bulls and bears, resulting in a phase of range-bound trading. The support level is clearly visible around 44000, coinciding with significant put writing, which could act as a stronghold against downward movements. Conversely, resistance can be observed around 45000, where the highest open interest is seen on the call side, indicating potential selling pressure.
A decisive break on either side of this range could trigger trending moves. Despite this, the prevailing bias appears to lean towards the bullish side within the range. Indiabulls Real Estate share price has displayed a Morning Star pattern on its weekly chart, a bullish reversal pattern indicating a potential shift from bearish to bullish sentiment in the stock.The momentum indicator RSI has undergone a positive crossover, confirming the buy signal and suggesting increasing buying interest in the stock.A lower-end support level is evident around 63, which could act as a cushion against potential downside movements.Looking ahead, the stock's upside potential targets are projected at 85 to 91 levels.
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