Buy or sell: Last week, both Nifty and Ingenious bench The indices were in oversold conditions, which caused a significant bounce followed by a sideways movement. The Nifty index rebounded from the key support level of 24,800 but failed to overcome the immediate resistance of 25,300.
Throughout the week it remained within this range, showing some weakness but recovering towards the end. Market sentiment remains cautious due to ongoing geopolitical tensions between Israel and Iran, along with new, stricter SEBI regulations on the derivatives market.
Weekly Trading Overview
The week started with a gap as the Skilled It tested the 25,300 resistance zone, but profit booking persisted throughout, causing the index to close near the 24,800-25,000 support zone after hitting a new weekly low of 24,600. Critical short-term support is 24,800, which lines up with last month’s low. If the index falls below the range of 24,800-24,900, it may correct further towards 24,000 in the next week. The key support level for the week lies at 24,600, which is close to the 100-day moving average (100 DMA), while resistance lies at 25,700. A sustained close above the 25,700-25,800 range could trigger a bullish move aimed at the previous high of 26,300.
Ingenious performance of the bank
In the case of Ingenious benchThe index closed the week at the 52,000 level, recording a 2% gain. After opening with a gap on Monday, it experienced continued selling pressure, reaching the 50,000-50,500 support zone and over the weekend it recovered and closed above the 52,000 resistance zone. If Bank Nifty closes daily above 52,000, there is a possibility of an upward move towards the resistance zone of 53,000-53,500, which corresponds to the previous weekly high. Key support remains at 50,000 and traders are advised to exercise caution if the index closes below 52,000.
Conclusion
Both the Nifty index and the Bank Nifty have managed to close above their respective monthly support zones, despite initial market volatility, maintaining a generally bullish bias. Investors are advised to closely monitor key support and resistance levels as they evaluate trading opportunities in the coming sessions.
Stocks to buy on Monday
1] DLF: Buy at $865-875 | Target price: $915 | Stop losses: $840
2] LIC Housing Financing: Buy at $615-620 | Target price: $650 | Stop losses: $590
3]National Aluminum Company Limited: Buy from $232 | Target price: $255 | Stop losses: $215
Disclaimer: The opinions and recommendations provided in this analysis are those of individual analysts or brokerage firms, not those of Mint. We strongly recommend investors consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.