Today’s day trading tips: The Indian stock market prolonged the participation rally for another session on Monday, in celebration of the BJP’s victory in three states. The Nifty 50 index reached a record high of 20,702 points, the BSE Sensex reached an all-time high of 68,918 points, and the Nifty Bank index reached a new high of 46,484 points. In the broad market, the small-cap index reached a new high of 41,221 in the previous session, while the mid-cap index reached a new high of 35,124.
Stocks tied to cryptocurrencies are looking to continue their November gains after bitcoin hit a new year high. Gold prices have also reached new highs, boosted by a lower dollar and renewed optimism about the conclusion of the interest rate hiking cycle. App for streaming music As a cost-cutting strategy, Spotify is expected to lay off 17% of its workers. Tech startups are aiming to change the way rare earths are processed to carve out a position in a market dominated by China. Today on World Street, you may find all of this and more.
Read More: Tata Power’s Stock Increases 4% After It Received a 1,500 Crore Transmission Project in Rajasthan.
“The next rising levels to be watched are around 20,900 levels, that is a 61.8% Fibonacci extension (recorded from the March bottom, September top, and October bottom-weekly chart),” stated Nagaraj Shetti, Technical Research Analyst, HDFC Securities. Immediate supports are located between the levels 20,500 and 20,290.”
“Bank Nifty saw a big positive candle achieving more than 3.5% to create history hitting the All-Time High and thereby opened the gates for further fresh upside targets of 48,000 to 48,200 levels in the days ahead,” said Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher. After a long period, the bias has improved dramatically, with frontline banking firms displaying fairly noticeable strength to propel the index upward.”
1] Oil India Ltd (OIL): Buy at 328 with a target of 345 and a stop loss of 320.
The stock has a positive reversal pattern in the short term, and a retrenchment might be conceivable till 345. So, while holding the support level of 320, this stock has the potential to rise to the 345 level in the short term. As a result, the trader might go long with a stop loss of 320 and a target price of 345.
2] NAM-India: Buy at 442 with a goal of 460 and a stop loss of 430.
The stock has demonstrated a bullish reversal pattern on the short-term chart, thus it is maintaining the support level of 430. In the immediate term, this stock may rebound toward the 460 mark. As a result, the trader might go long with a stop loss of 430 and a target price of 460.
3] ICICI Bank: Buy between 988 and 992, goal 1050, stop loss 945.
On a daily period, the ICICI Bank share price has broken out of the traditional Cup and Handle pattern, signaling an uptrend. The gap-up opening represents a breakaway gap that is rarely filled.
Higher volume is backing the price movement, which supports the breakout. The RSI is trading in the upper zone, indicating that the security is in an uptrend. The front price is currently trading above the Fast (50) and Slow (200) EMAs, suggesting an uptrend. On the directional front, DI+ is trading above DI-, indicating an uptrend, while ADX is trading above DI-, indicating strength in the upward rise. As a result of the foregoing technical setup, a long position with a TP of 1050 and an SL of 945 may be constructed.
4] Kotak Mahindra Bank: Buy between 1812 and 1820, with a goal of 1940 and a stop loss of 1760.
Daily, the Kotak Mahindra Bank share has broken out of a falling wedge to the upside, signaling an uptrend. The security has closed around its high, indicating that buyers are eager to purchase it. The front price is currently trading above its 50 and 200 EMAs, suggesting an uptrend. On the momentum front, the RSI is going north and has broken out of a range, which is supporting the price movement. DI+ is trading above DI-, suggesting an uptrend, while ADX is trading above DI-, showing strength in the move. As a result of the foregoing technical setup, a long position with a TP of 1940 and an SL of 1760 may be constructed.
Disclaimer: The opinions and recommendations shown above are those of individual analysts or brokerage firms, not of Axpert Media. Before making any financial choice, we recommend that investors consult with competent specialists.
