Indian Stock Market: The Nifty remain sideward throughout the session following a strong start. The index has moved back above the critical near-term moving average. In the short term, the index is likely to consolidate within the bands of 21500 and 21700. A decisive breakout on either side would confirm a directional move.
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Bank Nifty
Meanwhile, the BankNifty is currently witnessing a bearish trend, with bears exerting dominance from higher levels. The index encounters strong resistance around the 46300 mark, posing a significant hurdle for any upward movement. Active put writing indicates lower-end support at 45500; however, breaching this level may intensify selling pressure. Additionally, the index is trading below short-term moving averages, signaling a bearish sentiment in the current market scenario.
Stocks to Buy
RITES | Recommendation: Buy | CMP: ₹553 | Target: ₹580-600 | Stop Loss: ₹530
RITES has formed a flag pattern on the hourly chart, and a breakout from the recent consolidation might lead the stock to a strong rally. Besides, the stock has been sustaining above the critical moving average. On the higher end, the stock might move towards 580-600. Support is visible at 530. One can initiate a buy in the range of 548-553.
Bharat Petroleum Corporation Ltd (BPCL) | Recommendation: Buy | CMP: ₹481 | Target: ₹540 | Stop Loss: ₹464
The Stock has given a box pattern breakout on the daily timeframe, suggesting a spike in optimism. The Besides, the stock has been sustaining above the critical moving average. On the higher end, the stock might move towards 540. Support is visible at 464. One can initiate a buy in the range of 478-482.
Oil India | Recommendation: Buy | CMP: ₹412 | Target: ₹450/470 | Stop Loss: ₹380
Oil India exhibits a robust uptrend, characterized by higher highs and higher lows on the daily chart. The momentum indicator RSI supports the bullish sentiment with a positive crossover. The lower-end support is identified at 380, providing a cushion for potential pullbacks. Anticipated upside targets for the stock are set at 450/470.
The author, Rupak De is Senior Technical analyst at LKP Securities
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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Published: 21 Jan 2024, 12:08 PM IST
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