Yesterday, all major indices closed in green. Nifty continued its sustainable up move for the whole trading session. This is a positive indication and one may expect Nifty to test the upper range of 15100—15200 in coming days. Banking stocks were among the top outperformers and pushed Bank Nifty higher. Technical readings support a bullish extension for the time being.
Stock Market Summary
The Equity barometers were trading near the day’s high in afternoon trade. Barring the metal and pharma indices, all the sectoral indices on the NSE closed in green.
S&P BSE Sensex, jumped 789.70 points or 1.61% at 49,733.84. Nifty 50 index gained 211.50 points or 1.44% at 14,864.55. Bank Nifty gained 987.45 or 3.02%.
The broader market underperformed the benchmark indices. The S&P BSE Mid-Cap index rose 1.11%. The S&P BSE Small-Cap index added 0.64%.
Buyers outpaced sellers. On the BSE, 1,812 shares rose and 966 shares fell. A total of 193 shares were unchanged.
Eicher Motors (up 4.83%), IndusInd Bank (up 4.92%), Bajfinance (8.02%), Bajaj Finserv (3.85%), and Kotak Mahindra Bank (up 3.70%) were major gainers of the Nifty 50 index.
Hindalco Industries (-1.04%), Britannia (-2.01%), Nestle (-0.97%), Divis lab (-0.89%) and HDFCLIFE (-0.85%) were major losers of Nifty 50 index.
Stocks to keep an eye on: – In our yesterday update we had mentioned that Apollo Tyres facing hurdle at 209 and above that it can touch 215+ in coming days. Apollo tyre made a high of 214.30 achieved our first target successfully.
For Today one can keep an eye on Axis Bank. Axis Bank (Cash LTP – 708.15) is facing resistance at 717–719 above that it may touch 732 and 738++ in 1-2 days. Downward support at 682. Try to buy above breakout else on dips near 702–700.
Today Ambuja Cement, Bajaj Auto, Exide Industries, HUL, L&T Finance and Titan will publish their quarterly result. So keep an eye on these stocks and trade safely in it due to expected volatility.
Technical view on Indices
Nifty was on its bullish intraday positive move and climbed to three day top around 14850. Technical indicators on the daily chart are holding in bullish territory. The momentum indicators like RSI and MACD support the upside move and indicate potential upside from the current levels.
Subsequent positive moves beyond 15000 will take the index to 15100—15200, while a break below 14,700 can be seen as an opportunity to initiate a bearish position.
Nifty Open Interest, Put-Call ratio rose to 1.57 levels from 1.51 levels. Maximum CE open interest stand at 15000 followed by 15100 and maximum PE at 14700 indicates a range on trading in the upcoming session.
Nifty Future strategy for the day
Resistance comes at 15000 and support lays down at 14700.
Strategy – Fresh sell below 14700 for the target of 14600—14500 or else it could test its resistance level of 15000—15100 on the upside.
Bank Nifty Indices
Bank Nifty witnessed a positive day of trade, on the daily chart, it shows a bullish stance as the 20 and 100 SMA head marginally higher. Technical indicators hold above their mid-lines and showing positive directional strength. Supports stand at 33000 and 32500. To the upside, the key resistance levels to watch out for are 34386 and 35000.
Nifty Bank Futures strategy for the day
Resistance at 34000 and Support at 33000
Strategy – Either buy above 34000 for the target of 34400—35030 or sell below 33000 for the downside target of 32500.
Top Stocks Recommendations for Today (29th April 2021)
EXIDE INDUSTRIES (Cash)
The stock has taken support of a moving average line, and a bounce can be expected from current levels. Traders are advised to do buying around 176 for the upside target of 183 and then to 185 levels in the days to come.
Support and stop-loss remain at 172 levels on a closing basis.
HDFC BANK (Futures)
The stock has given a tremendous breakout of the consolidation range on the 4hourly chart with volume. Traders can go for buying above 1481 for the upside target of 1560–1570++ levels with stop loss below 1430 on a closing basis.
Trade with the levels only.
Traders can trade safely in Nifty, Bank Nifty and Stock recommendations with levels only. To get real time market updates on your WhatsApp Click Here!
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