Top Stock Recommendations: Osho Krishan of Angel One suggests buying Birlasoft, and EID Parry today
Also Read: Sensex Today Live Updates : Sensex up 500pts, Nifty at 22,770; BHEL, IEX, KP Green shares climbNifty 50 Outlook by Osho Krishan, Sr. Analyst, Technical & Derivatives, Angel OneThe Indian equity market is currently experiencing dynamic movements characterised by substantial swings in both directions. After the downturn from the previous session, there has been a notable reversal fuelled by short covering.
The benchmark index made an impressive gain of over 3 percent from the previous closing and established itself above the 20-day Exponential Moving Average (DEMA) at the 22,620 level, said Osho Krishan, Sr. Analyst, Technical & Derivatives, Angel One.Both counterparties are putting forth their best efforts in response to the news about the Lok Sabha election, resulting in whipsaw moves. The recent fluctuations in trading signify a greater level of volatility, indicating wider swings in market trends, creating a challenging environment for the traders’ fraternity.
Technically, the persuasion over the fall seems to be a constructive development and sustainability is likely to attract positive momentum in the primary trend. As far as levels are concerned, 22,500-22,400 is likely to cushion a short-term blip, followed by the strong support of the lower band of the channel placed around the 22,200-22,100 subzone. Additionally, 22,800 is expected to provide intermediate resistance, followed by a solid barrier at the psychological mark of 23,000, explained Krishan.The market has experienced substantial support from diverse sectors, resulting in a significant improvement in market depth.
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