Anand Rathi’s Senior Manager of Technical Research, Ganesh Dongre, believes that the recent tension between Iran and Israel has weakened the market sentiment. He mentioned that the Nifty 50 index is currently at a crucial support level of 22,500 to 22,550, and breaking this support could further weaken the market. Resistance for the index is seen at 22,800 to 22,900.
For day trading today, Dongre recommended three stocks: NBCC, M&MFIN, and Bharat Forge.
- NBCC: Buy at ₹134, target ₹145, stop loss ₹128. NBCC has shown strong support around ₹128 to ₹130. Currently, it’s showing a reversal pattern at ₹132 to ₹135, indicating a potential rally towards ₹145 to ₹150. Traders can buy with a stop loss of ₹128 for a target of ₹145.
- M&MFIN: Buy at ₹304, target ₹318, stop loss ₹295. M&MFIN has a bullish reversal pattern, with a possible pullback to ₹318 from the support level of ₹295. Traders can go long with a stop loss of ₹295 for a target of ₹318.
- Bharat Forge: Buy at ₹1167, target ₹1210, stop loss ₹1154. Bharat Forge has witnessed a breakout around ₹1160 to ₹1165. With a bullish candlestick pattern forming, it may rally towards ₹1210 to ₹1220. Traders can buy with a stop loss of ₹1154 for a target of ₹1210.
Dongre noted that the Nifty 50 is currently in overbought territory, suggesting the possibility of profit booking at higher levels. On the bank Nifty front, profit booking has been observed, but it’s still above the support level of 48,500. The next resistance is expected at 49,000 to 49,200.
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