Hot Stocks: Nifty managed to cross the 17400 barrier in yesterday's trading. A large amount of call writing has been seen at this level. The basic trend of the market is weakness. However, there has been a lot of selling in the Indian markets at this time and it looks oversold.
The Nifty index has seen some buying from lower levels. Nifty managed to cross the 17400 barrier in yesterday's trade. A large amount of call writing has been seen at this level. The basic trend of the market is weakness.
However, there has been a lot of selling in the Indian markets at this time and it looks oversoleed. In such a situation, if the Nifty has managed to stay above 17400, then a pullback rally can be seen in it. At the same time, if the Nifty does not succeed in crossing the level of 17500, then it can see a further decline.
Talking about the banking sector, bank Nifty remained in the positive zone throughout the day after the consolidation breakout on the daily chart on March 1. Along with this, the Momentum Oxi converter RSI (Relative Strength Index) is also giving a bullish crossover.
A double bottom formation on the daily RSI is a positive sign for the banking space. On the upside, bank Nifty can see us going towards 41000. At the same time, support is seen at the level of 40400 for it on the bottom.
Power Finance Corporation: Buy | LTP: Rs 149 | In power finance, Kunal Shah has a buying advice for a target of Rs 144-155 with a stop loss of Rs 160. Kunal believes that in the next 2-3 weeks, this stock can give returns of up to 7 percent. This stock has seen a breakout from the symmetrical triangle pattern. Momentum indicator RSI is also offering positive crossovers. This shows signs of a rise in the stock.
Indiabulls Housing Finance: Buy | LTP: Rs 104 | Kunal Shah also has shopping advice in Indiabulls Housing. Kunal says that this stock has seen downward consolidation on the daily chart, which is positive for the stock. Apart from this, RSI is giving a bullish crossover on the daily chart in the stock.
In such a situation, this stock is expected to rise in the short term. Kunal says that with a stop loss of Rs 102 in Indiabulls Housing, purchases should be made for a target of Rs 108-112. In 2-3 weeks, this stock can easily get 8 percent returns.
Indian Energy Exchange: Buy | LTP: Rs 147 | Kunal Shah says that the Indian Energy Exchange has broken out of a pole and flag pattern with a sharp increase in volume. Momentum indicators are seen in a strong buying zone. This is a sign of the strength of the stock. Apart from this, this stock has crossed its 20-day SMA level.
This has become support for this stock on the bottom of the level. In such a situation, Kunal advises buying this stock for a target of Rs 142-154, with a stop loss of Rs 158. Kunal believes that the Indian Energy Exchange can give 2 percent returns in 3-7 weeks.
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