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

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

good morning everyone and welcome to the trade Talk podcast on Tuesday our markets managed to made a new high at 22783 which was slightly above the previous highest level of 22775 but from there all the way it fell to the levels of 22,500 in a very short span of time so while looking at the overall setup of the market we are of the view that we need to be little bit careful if there is any higher opening in the market I’m going to say close to 22,7 775 we are witnessing good amount of profit taking until the markets are not Crossing 22,800 we are going to see a range bound activity in case if we see the market is opening little lower and uh if there is any further more correction then uh we could see the levels of maybe 22,500 or 400 sort of levels but um ideal strategy should be to look for adding positions between 22450 to 22,400 with a stop loss at 22,300 so 22,300 is still going to act as major Trend deciding level for the market and we can expect short covering about 22,800 where um there is possibility of heating 23,000 would turn bright for the bank Nifty there also we saw good amount of weakness in the second half in fact it has formed a long leg U Hammer sort of formation at the top of the rally after hitting very close by levels of 50,000 so 49,000 49,100 going to act as major support in the near term for the bank Nifty in case Bank Nifty closes below 49,000 on a daily basis then there could be further more weakness in the coming days and we may see the levels of 48,500 or 300 but uh if we see the bank nift is holding comfortably above 49,000 levels then there could be one more rally towards 50,000 levels and Beyond 50,000 then we can expect massive short covering in the bank Nifty so right now if there is any pullback then close to 49,000 800 49750 we should look for reducing long positions again we are going to focus on metals and Mining as well as bfsi stocks to take any specific trade in the market for it companies they are still under a lot of pressure so it is better to stay away Pharma companies are also finding some profit booking at higher levels but capital goods and infra Road constructions defense Railway companies I think they should do well if there is any correction in the market that’s all from my side for the day with this I’m ending today’s Morning podcast thank you very much for listening me and 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/-C22e3RfPCg

Nifty 22,700 will be a major resistance level for the day, whereas Nifty 22,500 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, Metal, and BFSI stocks.

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