The Nifty50 continued to face selling pressure on Thursday due to global geopolitical concerns and bribery allegations involving Gautam Adani and Adani Group executives.
- Thursday’s Session Highlights:
- Opened with a gap-down at 23,488.45.
- Hit an intraday low of 23,263.15 before stabilizing.
- Closed at 23,349.90, forming a bearish candle with a lower-high, lower-low pattern.
- Key Indicators:
- RSI: Trending downward at 28, indicating oversold levels.
- MACD: Negative crossover below the central line, signaling bearish momentum.
- Support Levels:
- 50-WMA remains intact, providing immediate support.
- A sustained drop below 23,263 could push the index down to 23,000, with further downside to 22,700 possible.
- Resistance Levels:
- A bounce-back could retest 23,600, with potential for 23,800.
Nifty Bank Update
The Nifty Bank index showed signs of recovery after testing its 200-DMA:
- Thursday’s Session Highlights:
- Opened flat, dropped to 49,787.10, but rebounded to close at 50,372.90.
- Formed a hammer candlestick, indicating strong support at 200-DMA.
- Support Levels:
- 49,400–49,700 to act as critical support.
- A decisive break below 49,460 could trigger further weakness.
- Resistance Levels:
- Potential for a rebound above 50,652, with upside to 51,000–51,500.
Stock Picks from MarketSmith India
1. KIMS (Krishna Institute of Medical Sciences)
- Current Price: ₹584
- Buy Zone: ₹570–585
- Profit Target: ₹692
- Stop Loss: ₹542
- Timeframe: 1–2 months
Why Buy: Strong fundamentals and technical indicators suggest potential upside.
2. TAJGVK Hotels
- Current Price: ₹336.15
- Buy Zone: ₹330–340
- Profit Target: ₹408
- Stop Loss: ₹304
- Timeframe: 3–4 months
Why Buy: The stock shows positive momentum and promising growth prospects.
Takeaway for Traders
Keep a close eye on key levels for both Nifty50 and Nifty Bank. While the market remains in a downtrend, short-term opportunities in select stocks like KIMS and TAJGVK could deliver significant returns.
Disclaimer: The views and investment tips expressed by investment experts on Sharepriceindia.com are their own and not those of the website or its management. Sharepriceindia.com advises users to check with certified experts before taking any investment decisions.
