Here's a summary of the key points and stock
recommendations: By Mr. Rajesh Palviya.
Nifty and Bank Nifty Analysis:
- Nifty
has experienced sustained selling pressure for the fourth consecutive week
and has slipped below important support levels, trading below 19,400.
- The
critical support level for Nifty is at 19,200, with major put writing
activity observed at this level. A break below this level could lead to
further declines towards 19,000.
- Call
writers have been active at lower strikes, indicating a negative bias for
the near-term setup.
- The
expected range for Nifty in the coming week is between 19,450 on the
upside and 19,100 on the lower side.
- Bank
Nifty has slipped below 44,000, with critical support at 43,600. A break
below this level could extend the down move towards 43,200.
- The
projected range for Bank Nifty is 43,200 to 44,200 for the coming week,
with a negative bias.
Reliance Industries:
- Reliance
Industries experienced a recovery in the second half of the session,
primarily driven by the announcement of the Reliance Jio listing.
- In the
near term, there's major call writing activity at 2600, indicating
potential resistance.
- If
Reliance Industries manages to cross above 2600, a short-covering rally
towards 2640-2660 could occur.
- The
current range for Reliance Industries is 2500 to 2600, and a breakout or
breakdown from this range will determine the major direction.
Stock Picks:
- Bharat
Forge:
- Buy
for an upside target of Rs 1000.
- Stop
loss at Rs 952.
- Adani
Port:
- Buy
for a target of Rs 875.
- Stop
loss at Rs 815.
- Jyothy
Lab:
- Buy
with a target of Rs 375.
- Stop
loss at Rs 325.
Please note that these are stock recommendations and
should be considered as part of your own investment strategy. It's important to
conduct your research, assess risk, and consider your investment goals before
making any decisions. The stock market can be volatile, and prices can change
rapidly, so it's essential to stay updated with the latest market information.
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Stock Recommendation