Lightening the tenses between Iran and Israel helped revive global risk, further support rally. As a result, the benchmark indexes end the week of a stable note, with a great closure of 25,637.80 and the Sensex of 84,058.90 – both of their weekly high heights.
With this, Analyst Rahul Gose, Founder and CEO, octanom tech and Uinun.inInteguarded with ET markets regarding the vision of good and well-good banks along with an index strategy for the coming week. The following is edited quotations from his chat:
How would you describe the overall structure of the Indian market today? Do we have a clear uptrend or is likely to see a sequence?
The Indian Shortness Markets are currently in an adult uptrend, even if showing signs of consolidation all the time height. The good 50 has been on top of the Yawe Level Breakout, but ridicule Due to global macro events – especially price swinging and geopolitical tension – introduced short term forming behavior. The wider market remains healthy, with midcaps and small outperformings, which indicate strongly underlined participation.
Given new geopolitical tensions and crude changes, which technical situations will you expect for good?
The crude pulled from new highs, slowly positive for India. However the ongoing friction to US-Iran-Israel prevents danger at heading to the headline.
In technical manner, more 50 is in a strong structure of all major time frames. However, for a short time, one can see a pullback / corrective, considering it approaches daily areas and each week the 26,000-26,200 levels is the level where good-developing is a strong inspiration. In today’s trading markets about 25,600 to 25,700 levels, one has to be careful and looking for the purchase of opportunities only. For a short time, 25000-24700 is likely to act as a strong support and any of the degrees toward that level attracts the index purchase opportunities.
Which keys support support and resisting those who are 50 are you looking at, and what are the chart patterns or indicators to validate levels?
Support levels – 25,000-24,700
Resistance levels – 26,000 -26,300
Is the bank doing well in recent – what are technical drivers who signed strength or weakness here?
The good bank is showing leadership, which is a healthy sign for the wider market. PSU banks and major private players contribute meaningfully.
Yawe Technical Drivers:
Price is maintained above 57,100, which passes through first resistance support.
20-EMA acts as a reliable dynamic support.
The MACD is in a fresh crossover, and RSI is about 67, which suggests strength but in the room before the territory is burdened.
What is the FII action indicating today?
FIISs have placed net shoppers in the last 8-10 sessions after being careful until May and early in June. Their action indicates changed confidence, especially in banking, capital things, and autos.
However, they still select the index options, which tell us that the purchase is not yet aggressive, but the data is more measurable.
Which index seems to make good? What are the critical technical levels and short-term readings that give you confidence?
The very Midcap 100 and good bank trainers standing at Standay.
The very Midcap 100 is near to life’s highs with no negative variation in the weekly RSI, which is currently in 65-loud but not in the red zone.
The good bank shows a fresh breakout from a 10-month consolidation consolidation, supported by strong volumes and macds on daily and level 68.
What to get the metal index made well in the last few sessions?
Metal Index has been kept in the vigorous extent. The rally mainly targeted to the positive news associated with Israel-Iran to stop and promote global needs
Stock Like Tata Steel, Hindalco, and JSW Steel has confirmed breakouts with an increase in OI (open interest), uptrending.
If you have a stock you choose for our readers that you are busy with, which stock is it? What entry, stop loss and target levels do you get from its charts?
A high-convication stock today is Nestle India
Enter: around CMP.
Stop – Loss: Rs 2305 (below new swinging below and 20-day EMA).
Target: 2700-2800 In the next 4-6 weeks.
So, any stock you choose for our merchants?
Nestle India, Icici Bank, Cement ultatch, and ultraterch confidence that is well entered as per technical chart. All these stocks are targeted for a breakout and there is no adjacent resistance in the short term.
(Disclaim: Recommendations, suggestions, views and opinions given to experts themselves. It does not represent views of economic times)
