The Nifty opened on a positive note on Wednesday. However, its inability to surpass levels of 14,000 pulled Nifty lower to make a low at 13,865. Eventually, the bulls again regained momentum on the upside and the Nifty made a high of 13,997. Nifty closed near its open price, thereby forming a Doji candle with comparatively large lower shadow. Appearance of this pattern at the current juncture represents some indecisiveness. With immediate support near 13,800, the Nifty could consolidate at the upper band.
Post five days’ advance, the momentum stalled in the Bank NIfty. Defending levels of 31,000, Bank Nifty ended on a flat note. Some timewise consolidation is possible in Bank Nifty to digest recent gains, while sustenance above 31,000 is essential to regain momentum on the upside.
- Buy Godrej Agrovet near Rs 533
- Stop loss: Rs 513
- Target: Rs 560
- Prior week’s swift decline found renewed buying interest near 50-day EMA. The stock is likely to revisit levels of Rs 560 if levels of Rs 525 are decisively held.
Buy HPCL January future near Rs 216.5
- Stop loss: Rs 212=
- Target: Rs 226
- Post a few days’ consolidation, the stock has regained momentum on the upside.