Yesterday, Nifty 50 crossed above the resistance zone of 14600 and traded higher, Bank Nifty has continued to hold above 32,500. The positivity in the stock market came from the news on vaccination campaigns picking up speed. Market breadth ended in favor of advances. Nifty saw the addition of long positions during the day.
Stock Market Summary
Benchmark indices firmed up once again in the mid-afternoon trade. Nifty 50 crossed 14,600 level and closed above that. All the sectoral indices on NSE closed in the green.
The S&P BSE Sensex jumped 557.63 points or 1.15% at 48,944.14. Nifty 50 index gained 168.05 points or 1.16% closed at 14,653.05. Bank Nifty (Spot) gained 460.20 points or 1.43% at 32,735.35.
In the broader market, the S&P BSE Mid-Cap index added 0.93% while the S&P BSE Small-Cap index rose 1.39%. Nifty Auto index added 0.83%, closed at 9,721.25, rising for second-day trading session. Auto index added 1.3% in two days. TVS Motors (up 3.04%), Tata Motors (up 2.06%), Eicher Motors (up 1.57%), Hero Moto Corp (1.66%) were major gainers of the day. While Maruti stock after announcing quarterly results down by 1.06%.
Nifty IT shares traded in the green amid overall bullish markets. The index held on to early gains amidst subdued trade in the sector. After the bearish tone in the previous trading session, Nifty Pharma joins the bull bandwagon. Indian Government’s announcement to open up vaccination for all above 18 from 1st May steps in the right direction from the market perspective.
Stocks to keep an eye on : Bajaj Finserv and Biocon both will announce their quarterly results today so keep an eye on both the counters, volatility might be expected. One can keep an eye on Ceat Ltd. (Cash LTP – 1404.25). Ceat is facing resistance at 1455–1460 zone. Close above that will take it to 1490 and then 1525++ in coming days. Support at 1360. Also on Apollo Tyres (Cash LTP – 205.50). It is taking support at 198–196 zone. Hurdle at 209 above that it may touch 215–219++ in coming days.
Technical View on Stock Market
Nifty 50 witness sustainable up move and close the day higher by 168 points. A big positive green candle was formed on the daily charts, technically this pattern is showing buying strength in the markets. The short-term trend of Nifty continues to be positive.
Nifty’s support has now shifted towards 14600 levels, and upside resistance is now placed at 14800. A break above the resistance would resolve the above-mentioned range to the upside by triggering an irregular basing structure, confirming the resumption of the broader bull trend suggesting a quick move to 14900 and then to 15000.
According to Open Interest data, the maximum CE open interest stand at 14800 followed by 14900 and the maximum PE at 14500 indicates a range of trading in the upcoming session. Valuation wise maximum CE & PE stand at 14600 & 14700 is a crucial level for the index.
Nifty Futures strategy for the day
Resistance comes at 14800 and support lays down at 14500.
Strategy – Fresh sell below 14500 for the target of 14400—14300 or else it could test its resistance level of 14800—14900 on the upside.
Bank Nifty continued to form higher highs on the chart, a bullish move above 33200 will take the index to fresh highs. The directional movement index has also given crossover showing buying strength. According to pivot charts, major resistance for the index is around 33250 and 33750 levels and major support is 31900 and 31500, indicates the range of trading in the upcoming session.
Nifty Bank Futures strategy for the day
Resistance at 33000 and Support at 32200.
Strategy – Either buy above 33000 for the target of 33400—33750 or Sell below 32200 for the downside target of 31500.
Top Stocks Recommendations for Today (28th April 2021)
ADANI GREEN (Cash)
The stock has rebounded from the major pivotal support. Traders are advised to go for buying above 1065 levels for the upside target of 1130 and then to 1180 levels in the days to come.
Support and stop-loss remain at 1020 on a closing basis.
Stock looks positive and closed above its resistance on the daily chart. Traders can buy this counter around 1370 for an upside move till 1430 and then to 1450 levels in days to come.
Support and stop loss below 1310 on a closing basis. Trade with the levels only.
Traders can trade safely in Nifty, Bank Nifty and given stock recommendations with levels only. To get real time stock market news and updates on your WhatsApp. Click on the banner given below.
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