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Nifty, Bank Nifty key levels as indices falter; 3 breakout stocks to watch
Despite the tug of war within a band of less than 100 points, it managed to close near 25,550 levels in minor gains. It formed a Doji sort of a candle and an inside bar on the daily frame, and now if it manages to hold above 25500, an up move could be seen toward the 25,650 and 25,750 zones, while supports can be seen at 25,400, then the 25,250 zones.
On the option front, Maximum Call OI is at 25,600 then 26,000 strike, while Maximum Put OI is at 25,500 then 25,000 strike. Call writing is seen at 25550 then 25600 strike, while Put writing is seen at 25,500 then 25,400 strike. Option data suggests a broader trading range between 25,000 to 26,000 zones, while an immediate range is between 25,300 to 25,700 levels.
Bank Nifty index opened on a positive note but failed to sustain at higher zones as it tested the 57,150 zone in the opening hour. However, it witnessed a steady up-move from the lows, which lifted the index towards the 57,500 zone. It formed a small-bodied candle with a longer lower shadow, which indicates that support base buying is visible. However, it negated the higher-highs formation of the last three sessions. Now it has to hold above 57250 zones for an up move towards 57,615, then new life high territory towards 58000 levels, while on the downside, support is seen at 57,000, then 56,750 zones.
Buy PNB | CMP: ₹113 | SL: ₹110 | Target ₹118
PNB Stock has broken out of a consolidation zone with a large-bodied bullish candle and higher-than-average traded volumes. The MACD indicator is giving a bullish crossover, which confirms the upward momentum.
Buy Bharat Dynamics | CMP: ₹1,980 | SL: ₹1,895 | Target: ₹2,155
Bharat Dynamics Share Price has retested its breakout zone on the daily chart and headed up. It is respecting its 20 DEMA support zones with sight dips being brought into. The ADX line is rising, which confirms the strength of the uptrend.
Buy Titan | CMP: ₹3,700 | SL: ₹3,645 | Target: ₹3,825
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