Nifty Trading Plan: Nifty and Bank Nifty have recovered all their losses on Friday and formed bullish hammer-like candlestick and green candle patterns respectively on the daily chart on January 20. This is a positive sign. However, the overall sentiment remains bearish. MACD is in sell mode and the 50-day SMA has fallen below the 200-day SMA. If Nifty rises and sustains above 23,400 (a key resistance level) then a rally towards 23,600 cannot be ruled out. Till then consolidation can be seen with support at 23,100. Market experts say that Bank Nifty is likely to move towards 50,000 points, provided it defends 49,000. But break below 49,000 could open doors to 48,500.
What should be the strategy in Nifty?
Jai Thakkar of ICICI Securities Says that for Nifty there is resistance at 23,600 and support at 23,100, 23,000. Buy Nifty futures with stop-loss of 23,100, target 23,600.
Anand Rathi’s Jigar S Patel Says that for Nifty there is resistance at 23,600 and support at 23,000, 22,800. Buy Nifty futures near 23,350, with stop-loss of 23,100, target 23,800.
Anshul Jain of Laxmishree Investments Says that for Nifty there is resistance at 23,392, 23,500 and support at 23,275, 23,200. Buy Nifty Futures above 23,392, confirming strong momentum. Place stop-loss below 23,265
Stock Market Today: The effect of these news will be visible on the market today, take a look at them before taking any trade.
What should be the strategy in Bank Nifty?
Jai Thakkar Says that for Bank Nifty there is resistance at 50,000 and support at 48,500. Buy Bank Nifty futures on dips near 49,000, with stop-loss of 48,500, target 50,000 and 51,000.
Jigar S Patel Says that for Bank Nifty there is resistance at 50,000 and support at 48,700. Buy Bank Nifty futures in the zone of 49,250-49,300 with stop-loss of 48,700 and target of 50,500.
Anshul Jain Says that for Bank Nifty there is resistance at 49,350, 49,475 and support at 49,250, 49,050. Buy Bank Nifty above 49,350 with strong momentum confirmed. Set stop-loss below 49,050 to manage risk. The first target is 49,475, followed by potential resistance level at 50,200.
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