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Expect 11550 is the crucial support level for Nifty: CapitalAim

Posted On: 2019-04-24 00:34:41

Mr. Manish Yadav, Head of Research, CapitalAim

The Benchmark Nifty50 on Monday in it's opening session breaches 100 DMA on hourly charts and the correction continues till the end of the day, which shows the beginning of correction mode in Benchmark for a short term period. The rise in crude oil prices, fallen of Rupee and surge of India VIX put pressure on Benchmarks.

The sharp rise of crude oil prices globally following comments by US President Donald Trump on Iran sanctions triggered Monday's fall which will continue for the days ahead. India is the key importer of Iranian oil which will increase worries about India's inflation outlook and fiscal deficit for FY20.

Tuesday's market corrects almost 18 points or -0.16% at 11575. We expect the current corrective decline to mature in the coming one or two sessions. Going forward we expect 11550 is the crucial support level. However, the index needs to forming Higher High and Higher lows on the daily chart to remain intact in up-trend.

Stock recommendations :

TCS : BUY| Above : Rs 2175| Target: Rs 2250| Stop loss: Rs 2110|

Fresh triangle formation breakout on the announcement of Q4 results by management. Volumes increased in the past trading session.

COALINDIA : BUY| Above : Rs 258| Target: Rs 285| Stop loss: Rs 238|

COALINDIA is break it's H&S pattern formation with volumes increased. The minimum upside target would be 280 to 285. RSI is in trending mode.

RELIANCE : BUY| Above : Rs 1390| Target: Rs 1450| Stop loss: Rs 1350|

RELIANCE is trading in a triangle formation only and above breakout of upside can lead it towards 1450 . stochastic is reversing from lower oversold zone.


Source: Equity Bulls

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