Here’s a rundown on today’s stock market and stocks to watch for tomorrow.
Nifty began over 17,400, continuing Tuesday’s upward trend; however, it failed to hold higher levels, erasing early gains. The Nifty plummeted to 17,200 points.
On a closing basis, the 100-day average has acted as a solid ceiling since last month. As a result, the formation of a bearish candle at this time points to immediate resistance in the 17,450–17500 zone.
Nifty has rallied over 11% from its recent low, and it is expected to oscillate between 17,000 and 17,500 from here to digest its multi-week gains.
Bank Nifty, on the other hand, ran into resistance at its 200-day average. The Bank Nifty’s immediate trading range of 35,300–37,300 stays unchanged. Within the private banking industry, a stock-specific decline is anticipated.
Our foresight of tomorrow’s gainers:
Asian Paints
Sell near Rs 3,030
Rs 3,140 as a stop loss
Rs 2,830 is the target.
The latest rise halted near its 50-day average, and the subsequent dip provides a short-term obstacle near 3100. Negative follow-up activity will very certainly take the stock down below the 2,800 zones.
Nestle
Sell near Rs 17,450,
Rs 17,650 as a stop loss
Rs 17,050 is the target.
The resumption of the downtrend is ensured by a quick throwback. The stock is expected to return to its recent lows under $17,000.
Foresight India
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