Nifty ended the month of September with gains, following a weak August closing. The recent selling pressure was halted around the 50EMA. However, we need to close above 19,750 to witness a decent rally over the short term. A close or sustained move above 19,750 might take Nifty on a ride towards 20,500-20,700. On the flip side, a fall below 19,470 might trigger the resumption of the downtrend.
The Bank Nifty saw a resurgence in bullish momentum as the bulls successfully defended the key support level at 44,200. However, challenges persist as the 20-day moving average (20DMA) at 45,000 continues to act as a strong resistance.The index appears to be consolidating within a range, with levels of 44,200 on the downside and 45,000 on the upside defining this range. A decisive break on either side of this range will likely trigger fresh trending moves. In particular, the support at 44,200 is crucial and could determine the index’s near-term direction.
Sell| M&M| CMP: 1554| TGT 1485/1460| SL 1600
M&M has undergone a sharp correction subsequent to the formation of a doji pattern on the daily chart. The RSI is currently in a bearish crossover and is declining. In the short term, it is possible that the stock may decline to levels around 1,485-1,460. On the upper side, resistance is notable at the 1,600 level.
Buy| L&TFH| CMP 133| TGT 145/150| SL 125
L&T Finance Holdings (L&TFH) is showing signs of a potential bullish breakout after a period of consolidation, as it approaches the resistance of a falling trendline.The momentum indicator, RSI, has provided a positive crossover, signaling a potential reversal in the stock’s direction.Crucially, there is visible support at the 125 level, which is expected to act as a cushion for the bulls. If this support holds, it may pave the way for a move towards upside targets of 145 and 150.
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