Nifty 22,700 a key resistance level; BFSI stocks in focus

Nifty 22,700 a key resistance level; BFSI stocks in focus

good morning everyone and welcome to the
trade talk forecast on Thursday we saw
deep decline in the US market in the
first Stu and it was mainly because of
falling the GDP
numbers uh and also uh specific uh
consistent uh rise in the inflation
numbers so that has actually invited
selling pressure in the first half but
in the second half we saw some recovery
and it was mainly because of uh strong
numbers from Microsoft as well as
alphabet so uh the overall setup for US
market is completely mixed but at the
same time if we go through with the
global macros then they are still
unfavorable Asian markets are doing well
uh Nasdaq futures as well as US futures
are trading in the green GIF Nifty is
trading nearly 40 45 points higher So
based on the overall statistics we are
of the view that we may see higher
opening uh close to 22625 650 levels but
the strategy should be to look for
reducing long position if we see the
market is opening higher uh Crossing
22775 will certainly need some solid
reason then only we can see Crossing
this levels in case if it if it possible
to cross the level of
22775 then it will have major bullish
implications and in that case we may
even see the levels of 23,000 23,100 in
the short term but around these levels
it is better to reduce long positions
between
22675 to
22775
levels in case if there is any
correction then yes we should look for
adding positions close to
22,400 with a stop loss at
22,300 or 22,300 is going to act at
train deciding level for the market so
below that only we can expect weakness
otherwise we are expecting Nifty to
remain in a range of
22,36
775 for the bank Nifty uh there also we
saw recovery 48,000 48,1 100 going to
act as major support there it is
advisable to buy or take some long
positions with a stop loss at
47,700 on the high side
48,800 48,900 will be major resistance
about that only we can expect
bullishness and it is again advisable to
reduce positions close to 49,000 levels
we like metals and Mining stocks in that
Tata steel J Ste and power should be on
the watch list nmdc also technically
looks good uh from the bfsi sector we
like State Bank icsa bank access bank
and
also uh from the technology baskets we
like L&T technology Services based on
its technical formation that’s all from
my side with this I’m ending today call
thank you very much for listening me
have a great day to all of you

Join Shrikant Chouhan, Research Head, Kotak Securities, as he takes us through the Trade Talk Podcast. Check our Hindi podcast here: https://youtu.be/cdlAPOhN6EM

Nifty 22,700 will be a major resistance level for the day, whereas Nifty 22,300 will act as a key support level, says Shrikant Chouhan in our daily Trade Talk podcast. Get a full trading strategy here for Nifty, Bank Nifty, Metals and BFSI stocks.

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