Nifty and Sensex on Friday Morning Show Mixed Results

Nifty and Sensex on Friday Morning Show Mixed Results
Nifty and Sensex on Friday Morning Show Mixed Results
Nifty and Sensex on Friday Morning Show Mixed Results
Nifty and Sensex on Friday Morning Show Mixed Results

Nifty and Sensex on Friday Morning Show Mixed Results

Nifty and Sensex on Friday Morning Show Mixed Results

Nifty and Sensex on Friday Morning Show Mixed Results

The Indian stock market, after exhibiting a sustainable upward trend in recent sessions, transitioned into a consolidation phase and ended Thursday with mixed results. The Nifty 50 index retreated by 17 points to close at 19,794 levels, while the BSE Sensex lost 64 points, ending the day at 66,408. On the brighter side, the Nifty Bank index saw a gain of 82 points, closing at 44,599 levels. In the broader market, the small-cap index rose by 0.60%, and the mid-cap index showed an increase of 0.30%.

Nifty’s Short-term Outlook

Nagaraj Shetti, HDFC Securities believes Nifty is currently at a critical point, hovering around the trendline resistance of 19,850 levels. Despite this resistance, the positive chart pattern with higher tops and bottoms remains intact in the daily timeframe chart. A potential dip from the current levels may lead to the formation of a new higher bottom around 19,650 levels. This chart pattern suggests a “buy on dips” opportunity for the short term. A decisive break above the 19,850 hurdle could open the door for a new phase of robust upward momentum in the market.

Bank Nifty’s Prospects

Ashwin Ramani, SAMCO Securities, notes that Bank Nifty faced challenges surpassing the 44,700 level for the second consecutive day, closing at 44,599 with an 82-point gain. A breakout above 44,700 has the potential to propel the index to 45,000 levels, while 44,500 is likely to serve as a formidable support. However, a breakdown below 44,500 could invite bearish sentiment back into Bank Nifty.

Call Put Option Data for Nifty

Chinmay Barve, Profitmart Securities, highlights the important call and put option data for Nifty. Major call open interest was observed at 19,900 and 20,000 strikes. Major call open interest addition occurred at 19,800 and 20,000 strikes. On the put side, significant open interest was seen at 19,800 and 19,700 strikes. The most notable addition was at the 19,800 strike, indicating potential support levels and strategic levels to watch.

Call Put Option Data for Bank Nifty

Looking at Bank Nifty’s call and put option data, Chinmay Barve reports that substantial call open interest was observed at 44,700 and 45,000 strikes. The major call open interest addition was at 44,700, 44,800, and 45,200 strikes. On the put side, significant open interest was seen at 44,500 and 44,000 strikes, with notable additions at the 44,600 and 44,500 strikes. This data highlights critical levels to monitor for Bank Nifty’s future movements.

Intraday Stock Recommendations Stock market experts – Sumeet Bagadia, Choice Broking; Ganesh Dongre, Anand Rathi; Kunal Kamble, Bonanza Portfolio – have provided insights into potential intraday stock picks for today:

1. Hindustan Unilever Ltd (HUL)

  • Buy at ₹2,557
  • Target: ₹2,665
  • Stop Loss: ₹2,500

2. DMart

  • Buy at ₹3,862.75
  • Target: ₹4,338
  • Stop Loss: ₹3,651

3. Shalby

  • Buy at ₹286
  • Target: ₹298
  • Stop Loss: ₹280

4. RBL Bank

  • Buy at ₹247
  • Target: ₹260
  • Stop Loss: ₹240

5. Maruti Suzuki India Ltd (MSIL)

  • Buy at ₹10,580.95 to ₹10,575
  • Target: ₹11,535
  • Stop Loss: ₹10,104

6. Dr Lal Pathlabs

  • Buy at ₹2,547.55 to ₹2,545
  • Target: ₹2,700
  • Stop Loss: ₹2,475

These recommendations provide traders with potential stocks to watch and the expected price levels for the day.

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