Nifty 22,625 a key resistance level; Mining stocks in focus

Nifty 22,625 a key resistance level; Mining stocks in focus

good morning everyone and welcome to the
trade Talk
podcast on Friday we saw some uh
recovery in the US market in fact U they
recovered very well from the lower
levels uh Global macros are still
unfavorable there is hardly any major
change but they are still at an
unchanged levels means there is hardly
any uh major uh change in last few days
which is which is slightly positive for
the market
uh 10year bond yield is still at
4.67 below the levels of
4.70 and crude is at $88 per barrel the
only problematic area is Japan’s Yen
which is currently at
158 uh it is consistently
depreciating uh
so that will remain on the watch list
but today uh Japanese markets are closed
on the back of some specific uh
uh holiday so that uh is not something
going to impact our markets uh maybe
that’s the reason naan markets are doing
well they are in the positive uh Nasdaq
futures as well as dun Futures both are
in the green uh gift Nifty is trading
nearly 100 points higher and for our
markets uh the setup is very clear it is
going to consolidate within the range of
2
2,625 and
22,300 on the downside so till the bank
till the nift is not breaching this
levels we are going to see consolidation
but yes about
22625 we are expecting Nifty to move
towards its previous high of
22775 so in that case we can expect some
short covering and about
22625 we need to be more uh
on the bullish side uh in case if it
breaks
22,300 then there is possibility that we
may see further more decline uh up to
22,000 or
21,900 so we are expecting broadly
Market to remain in a range but it is
certainly going to remain highly
volatile also for the bank Nifty there
also we are expecting upward activity as
ICC Bank reported um decent number so
above 48,000
48,2 we are expecting Bank Nifty to move
towards 48,800 or
49,000 but in case if it breaks
47,700 then there could be possibility
of hitting
47,500 or 200 in the near term uh
Metals stocks should be on the watch
list uh as they’re consistently doing
well and uh they may report a decent
number uh in this quarter so there we
can uh expect some activity
because overall momentum is uh
supporting to the um entire sector uh in
that case JW steel as well as Ginder
steel and power along with Tata steel
should be on the watch list and from the
auto space we are going to focus more on
stocks like maruti as well as uh baj
Auto uh most of the time these
particular stocks
reports uh decent monthly numbers and
before the announcement of the numbers
we see some activity in these companies
so maruti as well
as baj Auto and aisher motor should be
on the watch list 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/kmOrl7FvWpg

Nifty 22,625 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, Mining and Auto stocks.

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