Midcap Mantra: Today, Sensex and Nifty were seen trading rapidly in the market. Talking about bank shares, a decline of 1.33 percent was seen in Bank of Maharashtra. While there was a rise of 0.56 percent in Central Bank of India, 0.71 percent in IOB and 0.17 percent in Union Bank. In Nifty, shares of Reliance, ICICI Bank, ONGC, Tata Motors were seen trading on the rise while shares of TCS, HCL Tech, Tech Mahindra, ITC were seen trading on the decline. Meanwhile, in CNBC-Awaaz’s Midcap Mantra show today, Ashish Kayal of wavesstrategy.com suggested some good stocks for trading in the moving market. He gave his opinion on the market today with .
Opinion of Ashish Kayal of wavesstrategy.com on Nifty
Ashish Kayal of wavesstrategy.com Nifty has shown a lot of volatility in the last 3 to 4 sessions. But if you look at the daily chart, volatility is seen in a range. In this, the upper level of 24200 is not being crossed. Whereas in the lower level it is getting support at the level of 23490. There is a volatility of 600 points in Nifty where sharp upmove or sharp downmove is seen. Yesterday we saw very strong selling pressure in it whereas today we have seen some recovery.
Cheap option of Nifty will give huge profits, 3 F&O calls of Mirae Asset Sharekhan will give huge earnings
But I believe that if Nifty breaks the lower level of 23600 then it may fall further. Then it can fall to the low range of 23500. The market environment seems to be sell on rise because the market is not able to sustain at the upper levels. To a large extent, the reason for this is also Bank Nifty.
Opinion of Ashish Kayal of wavesstrategy.com on Bank Nifty
On Bank Nifty, Ashish Kayal said that even though Bank Nifty has jumped by 300 to 400 points today, the fall in Bank Nifty yesterday showed very strong selling pressure. Yesterday Bank Nifty had slipped by almost 1000 points. Today it seems to be refreshing. An important support is visible in Bank Nifty at 49900. On the upside, a resistance is visible at 50700 on Bank Nifty.
Bank Nifty may be seen trading in this range. If Bank Nifty breaks the level of 49900 on the downside then selling pressure may increase. At present its structure looks like a cell on rise. Here the lower level is very important for Bank Nifty and Nifty which seems safe for now.
Ashish Kayal of wavesstrategy.com Favorite Stocks
Minda Corp Future: Buy – Rs 530, Target – Rs 575, Stoploss – Rs 513
Chambal Fertilizer Future: Buy – Rs 500, Target – Rs 530, Stoploss – Rs 480
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