The Indian stock market saw the Nifty remain volatile in a narrow range as investors waited for election results. The highest call writing is at 23,000, while significant put writing is at 22,500, suggesting Nifty might move between these levels in the coming days. However, if Nifty falls below 22,500, it could drop to 22,000.
Bank Nifty
Bank Nifty recovered sharply from its 21-day EMA, closing near the 49,000 resistance level. The RSI is making higher lows and moving towards a bullish crossover. A buy-on-dips strategy is recommended with a stop loss at the 21-day EMA, around 48,500. So, 48,500 is strong support, and 49,200 is the first resistance. If Bank Nifty breaks 49,200 on the daily chart, it could reach 50,000 soon.
Stocks to Buy
BHEL: Buy at ₹300 | Target Price: ₹320 | Stop Loss: ₹290
BHEL has broken out of a consolidation phase on the daily chart, showing a potential shift in momentum. It is currently above the 21EMA, indicating bullish sentiment. The RSI is close to a bullish crossover, suggesting upward movement. The stock could rally to ₹320 in the short term, with support at ₹290.
IRCON: Buy at ₹272 | Target Price: ₹290 | Stop Loss: ₹262
IRCON has stabilized after a rally on the daily chart and is above the 21EMA, showing potential bullish sentiment. The RSI on the hourly chart has a bullish crossover, indicating possible upward movement. The stock could rally to ₹290 in the short term, with support at ₹262.
Great Eastern Shipping Company: Buy at ₹1082 | Target Price: ₹1170 | Stop Loss: ₹1039
Great Eastern Shipping has consolidated for a few days and is above the critical moving average, confirming a bullish trend. The daily RSI shows a bullish crossover, indicating increasing momentum and potential for further upward movement. The stock could rally to ₹1170 in the short term, with support at ₹1039.
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