Will Nifty break 24,800? Ajit Miskra’s look at Markt Trends

We discussed the indices, currently at 24,600, and tried to hold those levels. As a truncated week, what is your opinion about the market? Tomorrow is a market holiday, and we have about two and a half hours left for the market to close.

Ajit Mishra: After six weeks of decline, this week we finally end up on a positive note, which is a good sign. As you said, we struggled earlier to float, but now we keep the 24,600 Mark, which coincides with the progressive average in the medium-term exponential advancing average of 100 days on daily graphs. Although this shows stability, we still need decision -making in the index. An outbreak above 24,800 obstacles, which is the progressive average in the short term, could cause a useful recovery to 25,000-25,250 in the coming days.

Currently, over -selling positions in heavyweights help on a rotation basis, with IT -Majors and some private banks that support the index. However, this is not enough for a few days of strong, broad participation of heavyweights in different sectors for a long-term recovery. Until we decide 24,800, the market will probably remain in a consolidation phase. At the front of the sector, except midcaps and smallcaps where the pressure continues, there are stock -specific possibilities on the long side. In such a market, the focus on stock -specific transactions must remain until 24,800 is recovered.

As you said, stock -specific opportunities are something to pay attention to in a stagnant market. Which shares match that account?

Ajit Mishra: Auto Majors such as M&M, TVS and Eicher keep strong, acting in the vicinity of record highs. This outperformance could further strengthen as soon as markets can retain a rebound. Eicher in particular is broken from a consolidation range and now pauses, which offers a buying option. One can buy Eicher at the current level with a stop loss at 5,640 and a target of 5,900, because the market has not been fully restored, maintaining some short positions makes sense. In the bank room, Indusind Bank gradually floats lower. A fresh leaf pivot formation on the daily graph suggests a potential decrease to 730. One can lack Indusind Bank with a stop loss at 792 and a target of 730.