The Nifty index has declined to a significant moving average (55-EMA) support level. The sentiment is expected to stay bearish as long as the index remains below 19,450, where the 21-day Exponential Moving Average (EMA) is positioned on the daily timeframe. If the index decisively falls below 19240, it could potentially lead the Nifty towards the 19,000 mark.
Bank Nifty
The Bank Nifty index witnessed an ongoing struggle between bulls and bears, resulting in a phase of range-bound trading. The support level is clearly visible around 44000, coinciding with significant put writing, which could act as a stronghold against downward movements. Conversely, resistance can be observed around 45000, where the highest open interest is seen on the call side, indicating potential selling pressure. A decisive break on either side of this range could trigger trending moves. Despite this, the prevailing bias appears to lean towards the bullish side within the range.
Indiabulls Real Estate | Recommendation: Buy at ₹70.85 | Target: ₹76 | Stop Loss: ₹68
Indiabulls Real Estate share price has displayed a Morning Star pattern on its weekly chart, a bullish reversal pattern indicating a potential shift from bearish to bullish sentiment in the stock.The momentum indicator RSI has undergone a positive crossover, confirming the buy signal and suggesting increasing buying interest in the stock.A lower-end support level is evident around 63, which could act as a cushion against potential downside movements.Looking ahead, the stock’s upside potential targets are projected at 85 to 91 levels.
Greenpanel | Recommendation: Buy at ₹366 | Target: ₹425 | Stop Loss: ₹354
Greenpanel share price has surpassed the previous swing high and has also crossed above the crucial moving average on the daily chart, indicating a growing bullish sentiment. On the downside, there is support located at 354, while on the upside, the stock has the potential to advance towards 425.
The author, Rupak De is Senior Technical analyst at LKP Securities
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.Greenpane
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Updated: 27 Aug 2023, 08:04 AM IST