As I mentioned, pink markets of health today. In fact, in the last five to six sessions, we saw the very sides coming on the Nifty. Today, is this like a crucial move? The bull has been charged? Is this a temporary short cover that is happening in the market or really from here, you will see the markets moving forward and what level are you looking for?
Dhawani Patel: Talking about the index, definitely yes, the bulls handle the charge for today’s session because we are seeing that the advance reduction is favoring progress by 1: 5, for each of the stocks here, we are seeing five stocks moving, so it’s a very good sign.
And we are also watching the Broader Market Structure here. First, to talk about, we are also looking that in the Nifty 500, for the first time in the last one week, we have found that the number of stocks that is trading above its 20-time moving average, which is a short-term moving average, which is above 50%.
Therefore, more than 50% of stocks are trading above the 20-time moving average and it is a good sign to see. Talking about the level of the Nifty, definitely yes, we will see that this purchase action is on the high side.
The level I am looking for will be about 23,000 here because 22,600 was an important level that had to take the Nifty to a high-tongue, which was a 20-period exponent of the average on its daily composition and we are trading over the same and we are trading with many faith.
So, 23,000, where again, 50-time exponential moving average comes, which is why I am looking for the Nifty side level. But when we are talking about bank Nifty, Bank Nifty has definitely shown extraordinary moves here.
In today’s session, we are also looking at the previous swing breakout in the Bank Nifty, where the level of 48,800 was to be broken and we are trading trading in the session next to the Bank Nifty. The next level on the bank Nifty is 49,225.
But let’s talk about some areas. You have Auto toe, metals, PSU banks that are top gainers today, all of which have about 2% of the benefits. Do you believe this is a one -time pressure that is coming to the market is that we are looking solid yesterday, we hold very well right now, do you believe that this regional rally is subjects or it is to move here?
Dhawani Patel: Talking about the churning of the region, which is happening here, we are definitely seeing that the purchase action is definitely in the OS toe and especially in the OS toe counters that we are keeping an eye on Tata Motors.
The most collapse is that we have seen in this particular counter and from there, we are seeing a bounce coming. So, yes, definitely OS toe is one of the counters where I see a good action that will continue here.
On the side of the side, we keep an eye on TV motors here where we are seeing good buying actions and we are also looking at the volume, comparative daily volume, if you see, it is also on the extra side. Therefore, there are some counters on the Auto To Side that should be on your radar.
Tell us two counters that you are long in this market and today is a good day in the market. So, from these fields, are there any counters where you see any by -call call?
Dhawani Patel: Of course, there are two counters for which I look at. The first one will be Hindalco. We are seeing that in this particular counter, there has been a test that has happened here over the swing law where 673, 675 has acted as good support and from there, we are looking at the purchase action.
On the side of the side, the target of 353535 is expected on the same and the stop loss that needs to be maintained will be 685.
And we are seeing that the pharma is definitely buzzing in today’s session and the interest of buying is coming to it, so the second counter is Sun Pharma.
Sun Pharma becomes especially a choice of choice because in today’s session the counter has moved from the average of its short -term, long -term moves, and from there, we are seeing a strong purchase action in this.
On the high side of 1785, which can be expected on the nearest basis and a stop loss of 1698 will have to be maintained here.
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