22 Jun , 2022 By : Divye saini
The domestic indices ended with cuts on Wednesday following weak trends in global markets. The 30-share BSE Sensex tanked 709.54 points or 1.35 per cent to settle at 51,822.53. The NSE Nifty fell 225.50 points or 1.44 per cent to end at 15,413.30.
"Nifty has retraced 61.8% of the recent pullback rally. Thus for the coming session, 15,380 would be important support, and the breach of the same might bring the low of 15,183 under threat. On the contrary, a move above 15,530 might bring optimism for the bulls to be back in the markets," Mehul Kothari,
AVP, Technical Research, Anand Rathi Shares & Stock Brokers.
Buy: Rs 2,050
Target: Rs 2,240
Stop Loss: Rs 1,950
The stock found support exactly at the placement of the 200 day moving average. Also, this support has been its previous demand zone and hence, we expect fresh buying in the stock.
Buy: Rs 305
Target: Rs 325
Stop Loss: Rs 293
On the daily chart, OMCs are a bit oversold. The stock has turned from the 300 mark, which is strong support on the weekly and monthly scale. The price indicates the possibility of a bounce.
Sell at current levels
Target: Rs 5,220
Stop Loss: Rs 5,570
The stock has slipped lower as it found resistance around its previous swing low. Besides, the price has remained below the near-term moving averages on the daily timeframe. The sentiment is likely to remain bearish over the short term; on the lower end, the price may fall towards the recent low of Rs 5,220.
On the higher end, resistance is visible at Rs 5,570. Over the short term, the stock can move down towards Rs 5,220 as long as it sustains below Rs 5,570.
Sell at current levels
Target: Rs 3,200
Stop Loss: Rs 3,600
The stock has been consolidating after a sharp down move on the daily timeframe. The momentum oscillator is in bearish crossover and falling. Besides, the price has sustained below near-term moving averages.
Over the short term, the stock can move down towards Rs 3,200 as long as it sustains below Rs 3,600.
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