What will be your strategy for playing the November series expiration? What are the key levels to look out for for Nifty?The Nifty broke through on the weekly chart in November, paving the way for a significant short-term rally. A closer look at the daily chart shows that the index has broken out of a declining channel and recovered to its all-time high. Moreover, the index has retested the breakout point, strengthening the case for a further rally in the coming weeks.
On the options front, there is a lot of call writing visible at the 26,200 CE strike, indicating a strong resistance level for the November range. A decisive move above 26,200 could trigger a rally towards 26,400 and beyond. On the downside, support is placed in the 26,000–25,900 zone. Overall, I expect to see bandwidth-bound trading until it breaks above 26,200 during the November expiration.
Nifty Bank is posting steady gains. Do you see the uptrend continuing in the coming week?
After a decent rally in Bank Nifty over the past few weeks, the index now seems a bit depleted. On the daily chart, the first sign of a correction is visible, with a red candle forming after a small candle at the top. The daily RSI has entered a bearish crossover and a negative divergence is visible on the chart, indicating weakening momentum. A shooting star has formed on the weekly chart, indicating a possible bearish reversal.
Immediate support is set at 58,800; a decline below this level could lead to a correction towards 58,450–58,400. On the higher side, resistance is at 59,100. The uptrend is likely to continue only above 59,100.
Nifty PSU Bank was among the top performers. While there are fundamental triggers for the rally, what does the chart indicate? Should you wait until you buy dips?
On the weekly chart, the index has formed a shooting star, suggesting the possibility of a bearish reversal. On the daily chart, a Dark Cloud Cover pattern formed on Thursday after a prolonged uptrend. The RSI is in a bearish crossover and has slipped out of the overbought zone. Overall, the setup looks weak, and the index could fall decisively if it falls below 8,350. On the higher side, resistance lies at 8,550, above which the current bearish stance could change. Therefore, it is advisable to wait before starting long trades.
JP Power has been in the spotlight this week amid the flurry of news surrounding a possible takeover by Adani Group. Is the stock now showing signs of overheating?
This specific stock moves mainly based on news flow and reacts less to technical trends. Long phases of lateral movement followed by occasional peaks make it difficult to get a reliable technical picture. From a technical point of view, inventory is best avoided.
Samman Capital fell 10% for the week. How would you trade the shares?
The stock has fallen sharply after breaking from the previous consolidation. Moreover, the price has fallen below the critical moving averages. Sentiment is likely to remain weak in the short term. Resistance is placed at 165 while at the downside the stock may drift towards 143-145.
Top ideas for the coming week:
Sale HINDALCO 777 | SL 792 | TGT 740
After a stellar rally in recent weeks, the stock has fallen from its recent consolidation, leading to increasing pessimism at the counter. It has fallen below the 50 EMA, indicating a bearish trend that could cause additional selling pressure. The RSI has fallen with a bearish crossover, indicating weakening momentum. The stock could fall towards 740, while resistance is at 792.
Buy FIVESTAR 619 | SL 595 | TGT 665
The stock has staged a smart recovery after finding support around the 50 EMA on the daily chart, indicating that the short-term uptrend remains intact. It has formed a bullish engulfing pattern amid broader market weakness, indicating resilience. The hourly RSI is in a bullish crossover and has emerged from the deep oversold zone. The trend seems to favor long trades over the short term, with a potential to reach 665. The support is placed at 595.
Sale BAJFINANCE 1004 | SL 1030 | TGT 955
The stock has been facing resistance at the 21st EMA in recent days and is on the verge of a collapse due to the recent consolidation. The daily RSI is in a bearish crossover. If the weakness continues, the stock could fall towards 955. Resistance is placed at 1,030, above which the trend could turn positive
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