Nifty has support around 17,600. Any move below the same may extend the fall toward 17,530-17,450 mark. On the flip side 17,750-17,840 will act as strong resistance levels
The Indian equity benchmarks were trading with a negative bias on Wednesday on the back of selling pressure in heavyweights like Infosys, HCL Technologies, Tata Consultancy Services, ICICI Bank, ITC and Hindustan Unilever. The downfall was however capped owing to buying interest in Tata Steel, Axis Bank, HDFC and Larsen & Toubro. The Sensex fell as much as 169 points and Nifty 50 index touched an intraday low of 17,611.
Nifty has support around 17,600. Any move below the same may extend the fall toward 17,530-17,450 mark. On the flip side 17,750-17,840 will act as strong resistance levels.
Bank Nifty’s next immediate support is around 42,150 levels on the downside and on a decisive close below that can extend the fall to 41,950-41,740. There is an immediate resistance for Bank Nifty at 42,550-42,740 levels.
Buy Hindalco 440 Call Option: Nirmal Bang's Nirav Harish Chheda has recommended buying Hindalco's 440 call option above Rs 4.4 for target of Rs 9 with stop loss at Rs 2.
Buy Coromandel International: Nirmal Bang's technical analyst Ayush Mehta has recommended buying Coromandel International above Rs 941 with stop loss at Rs 929 for target of Rs 964.
Buy Orient Cement: Nirmal Bang's Amit Bhuptani has recommended buying Orient Cement for target price of Rs 132 with stop loss at Rs 119.
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