Nifty 22,475 a key resistance level; Metal stocks in focus

Nifty 22,475 a key resistance level; Metal stocks in focus

good morning listeners and welcome to
the trade Talk
podcast today Asian stocks dropped after
meta’s results which also dragged Nasdaq
futures sharply lower S&P 500 contracts
also fail the Yen touched a fresh 34e
low with Traders on high alert for
interventions as the bank of Japan to
days policy
meeting got underway
treasuries and brain crude at are at an
enchange levels which means equities are
down and Global macros are
unfavorable now if we could just go
through with our markets then 22,300 is
going to act as major support on
intraday basis if we see the market or
Nifty it’s sustaining well below the
levels of
22,300 then we can expect 2 2,200 or 150
during the
day but on the other side if we see the
bank nift is crossing the level of uh
22475 which was the highest level of
Wednesday’s trading then we can expect
short covering towards short covering
rally and the market may move towards
22,000 550 or 600
levels so broadly for the day and and
for next one or two days we are
expecting Nifty to remain within the
range of
22,300 and
22475 it’s a weekly monthly expiry so
certainly we are going to see some
pressure uh on both the side for the
bank Nifty there also
47,800 is going to act as major support
and
48,00 uh 200 will be 48300 sorry 48,00
300 would be a major uh breakout level
for the bank Nifty about that only we
can expect bullishness up to
48,800 but in case if we see the bank
nift is dropping below 47,800 then there
is possibility that the bank Nifty can
even fall to the levels of
47,4 so as it’s a day of monthly expiry
we need to be careful and we need to
follow the levels
properly again we are going to focus on
Metals mining as well as we need to
focus on capital goods and infra
companies from the bfsi space we like
Banks but in that
specifically uh we are going to focus on
private banks in today’s
date that’s all from my side with this
I’m ending today’s Morning podcast 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/iJ9CkoJ9FDk

Nifty 22,475 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, and Metal stocks.

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