Stock Market Highlights: Nifty forms Bullish Piercing candle ahead of Thursday expiry. What traders should do
Sensex Today | Stock Market View: Prashanth Tapse, Senior VP (Research), Mehta Equities
Wall Street observed a gradual decline overnight, sparking debates on a potential soft landing or recession and the magnitude and timing of a US rate cut. Friday’s US jobs data highlighted inflationary pressures, leading futures traders to project a 62% chance of a Federal Reserve interest rate cut in March. This week, attention turns to India and the US with CPI data releases. Technically, Nifty’s crucial support lies at 21307, while immediate upside hurdles are at 21715. For Bank Nifty, major intraday support is at 46919. Recommended trades include buying Nifty between 21450-21475 with targets at 21715/21836, and Bank Nifty between 46900-47000 with targets at 48636/49000. The preferred stocks for intraday weakness are ZOMATO, APOLLO TYRES, COAL INDIA, BALKRISHNA INDUSTRIES, and INDIGO. The top stock to buy now is ZOMATO (CMP 134) with targets at 141/163 and aggressive targets at 201, holding for 12-15 months. In conclusion, any sharp decline or bear attack at Dalal Street is expected to trigger sharp upside rallies.
