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CALLS FOR TOMORROW
BUY APOLLOHOSP FUTURE ABOVE 6220 TGT 6239/6266 SL 6190
BUY CONCOR FUTURE ABOVE 955 TGT 964/978 SL 942
Once again, the Bears found success at the 22,000 level, as the MPC committee's decision to maintain the status quo prompted a steep decline in private banking and FMCG stocks, triggering a sharp correction in the Index. Despite a mid-session attempt at recovery, another round of selling in the final session dragged the Index further down, concluding the session at 21,717, marking a loss of 212 points. The Nifty initially opened positively but drifted lower as the day progressed, ultimately closing approximately 212 points down. On the daily charts, it's evident that the Nifty has experienced a significant decline from the resistance zone of 22,000 – 22,050. Despite several attempts, it has failed to surpass this resistance zone. Conversely, the 20-day moving average (21,694) has been offering support on the downside. While the hourly momentum indicator has signaled a negative crossover, the daily remains in buy mode, resulting in conflicting signals and potentially leading to short-term consolidation. Overall, the expectation is for consolidation to persist with a negative bias. On the downside, the Nifty may drift towards the 21,500 – 21,435 zone, where support parameters such as the 40-day average are situated. Nifty witnessed a sharp decline as follow-up selling ensued post-profit booking in the previous trading session. However, it found initial support at the 20-day moving average. The trend could weaken if it falls below 21,690, potentially leading the index towards 21,500. Conversely, if it stays above 21,700, a near-term recovery might be observed.
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