Market Outlook
NIFTY Index: The NIFTY index reached an all-time high (ATH) of 25,610 today before forming an inverted hammer pattern. It closed at 25,415, after touching an intraday low of 25,377. The index faces resistance at 25,476, and breaking and sustaining above this level could lead to further gains. Conversely, support is at 25,320, and a breach below this could trigger a corrective move. Otherwise, expect range-bound trading.
BANK NIFTY: Bank NIFTY shows strong resistance in the 53,350-53,370 range, which corresponds to a previous reaction high. Successfully breaking and sustaining above this zone could result in further advances. Immediate support for today is found in the 52,750-52,700 range.
NIFTY MIDCAP Select Index: This index has robust support between 13,000-12,980 levels. Maintaining this support could help the market stay stable today. The immediate resistance is strong at the 13,150-13,170 range.
Stocks to Watch:
- Oberoi Realty: Currently trading at 1,855, this stock has a short-term target of 1,950-2,000. It’s advised to set a stop-loss below 1,770.
- TCS: Recommended as a buy on dips to the 4,220-4,230 range, with a target of 4,310 and a stop-loss below 4,160.
These market insights provide a snapshot of potential opportunities and risks, invaluable for investors navigating today’s financial landscape.
Original Story https://www.pratidintime.com/assambusinessnews/a-volatile-session-gap-up-sharp-selling-and-recovery-at-close-after-fed-meeting-results
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