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Nifty holds 25k support; eyes break above 25,100: Check top stock picks
Nifty index opened positive and inched to 25,182 levels within the first few minutes of trading before succumbing to sustained selling pressure and sipped. Index exhibited a range bound trading session, faced immediate selling pressure but defended the psychological 25,000 support zone. It formed a bearish candle on daily scale but negated its lower highs - lower lows formation of the last three sessions. The tug of war between the bulls and bears have painted a mixed picture with a fragile structure. Now it has to decisively cross and hold 25,100 zones, for a bounce towards 25,250 then 25,350 zones while supports are placed at 25,000 then 24,850 zones.
On option front, Maximum Call OI is at 25,100 then 25,200 strike while Maximum Put OI is at 25,100 then 25,000 strike. Call writing is seen at 25,100 then 25,200 strike while Put writing is seen at 25,100 then 25,050 strike. Option data suggests a broader trading range in between 24,600 to 25,500 zones while an immediate range between 24,800 to 25,300 levels.
Bank Nifty share price:
Bank Nifty index opened gap up by more than 300 points but failed to hold its opening gains and gradually drifted lower towards 56,750 zones in the latter part of the session. It formed a bearish candle on daily scale as momentum is missing at higher zones but multiple supports are intact at lower levels. Index has again got stuck in a range of 1,000 points but is hovering near its 10 DEMA. Now it has to hold above 56,750 zones for a bounce towards 57,000 then 57,250 levels while a hold below the same could see some weakness towards 56,500 then 56,250 zones.
Stocks to buy today
Buy Delhivery | CMP: ₹436 | Stop-loss: ₹425 | Target: ₹460
Delhivery stock is continuously forming higher top-higher bottom from last four months and every small decline is being bought into. It has given consolidation breakout on daily scale. ADX line is rising which confirms the strength of the uptrend.
Buy Tata Chemicals | CMP: ₹962 | Stop-loss: ₹935 | Target: ₹1,015
Tata Chemicals stock has given channel breakout on daily chart and managed to close above the same. Breakout is supported by surge in volumes which has bullish implications. RSI indicator is rising which confirms the positive momentum.
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