Nifty
NIFTY: 23719 The movement in the Nifty 50 index has been ranged for many days now. As marked above the nifty index has failed to break and close above the levels of 23850 (give and take a few points) and has managed to hold above the support levels of broadly 23350 (again give and take a few points).
With the volatility and directional indicators remaining flat, the index could remain in a range, however any price action that gives a breakout or a breakdown could suggest further movement. So, while the initial range is 23350 – 23850, A break above 23850 could suggest a test of 24300 – 24400, while a move below 23350 could trigger declines to levels of 22700.
Nifty Summary:
Upside resistance23850 / 24300 - 24400
Downside support 23350 / 22700.
Bank Nifty
BankNifty: 54055 Like the Nifty index, the banknifty also has been moving in a range. The banknifty has been taking support at 53000 – 52900, while it has also failed to move above 54500.
Again, the banknifty might also remain in the range of 53000 – 54500 and a breakout or breakdown might extend the banknifty movement. A move above 54500 could see the banknifty try and move to levels of 56000 – 56100, while a breakdown below 53000 could see the banknifty head to levels of 51500.
Abbott India cmp 27830:
The most important observation to made on the price charts of Abbott India is that the share price reversed from a declining trend and has seen the weekly averages record a positive crossover.
Similarly the weekly indicators have also started to rise suggesting momentum support to the upside in price.
Traders should look to buy at current levels and add around 27400 – 27250 levels and keep a stop below 26800 levels. On the upside look to take profits at levels of 29700 – 30000.
Trent cmp 4296.50:
The share price of Trent has been sideways for last few weeks after rallying from levels of 3300 to 4300. The weekly indicators and averages are in rising mode, suggesting that there is a good possibility of price eventually re-entering some kind of up move once this sideways consolidation is over.
Traders can look at accumulate the stock slowly at current price and keep a stop below levels of 4000. Add more on a breakout and close above 4400 and then revise the stop to 4150. On the upside look to take profits at levels around 4680 and then 4800.
Delhivery cmp 447.60:
The share price of Delhivery has on multiple occasions failed to get past the levels of 480 – 485 as can be seen on the chart above.
The previous week also saw the share price decline after hitting a high of 484 the week before. Traders can exit on any bounce back if price nears 470 – 480 zone and keep a stop above 490. Look to buy back at lower levels around 400 – 405.
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