Market Trend: On the day of Nifty’s weekly expiry, there is a strong ups and downs in the market. Meanwhile, recovery is also being tried, especially in midcap and smallcap, there has been good recovery from lower levels. Pressure is maintained between Nifty and Bank Nifty. There is a boom in oil-gas and metal stocks. The Nifty Metal Index looks about one per cent strong. Nalco, Hindalco and SAIL are 2-3 per cent up. At the same time, JSW Energy, NHPC, MGL, Petronon LNG have also climbed 2-4 percent. Capital market stocks are seeing a boom for the second consecutive day. The BSE stock ran about 12 percent in two days.
Talking about the technical setup of the market in this environment, Gaurav Bissa of Increded Equites said that there is an atmosphere of fear in the market. There has been an attempt to break the level of 22800 from the last days and many times have been made lower loz. But the level of 22800 is not broken. As long as this level is maintained on the closing basis, the hope of returning to fast is also maintained. In such a situation, if there is any fall of around 22800, then purchases can be done. For this, you have to put a 60-70 point stop loss and keep a target of 200 points.
Gaurav further said that at the level of 23000, we are getting to see the edition. Here we have seen a lot of good writing in the call side. If the range of Nifty is becoming narrow, then you get to see a decisive move in the market. Now in 1-2 days we will see the direction of the market clear. If you are an aggressive trader, wait for the breakout. But if there are safe traders, then shop after getting closing above 23000. The market momentum will currently be positive.
Talking on the bank Nifty, Gaurav Bissa said that it has been stable and outperformer. A breakout has been seen in the bank Nifty futures on the chart and 30 minutes. 50000-50200 levels can be seen from here in bank Nifty Futures.
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Talking on his favorite stock, Gaurav Bissa said that he likes Bajaj Finance shares. When the market trend is not right, it is always advisable to join large cap shares. Bajaj Finance’s chart looks good. There is a four -year break out in it. The volume participation of the stock has also been good. In this stock, purchases can be made for target of Rs 9000 with a stop loss of Rs 8100. If there are short terms traders, you can shop with a stop loss of Rs 8200. A target of Rs 8600-8650 can be seen in this stock in the short term.
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