Wall Street declined overnight as positive US economic data dampened hopes for March rate cuts. Despite robust retail sales, Nifty experienced its sharpest single-day fall in 18 months, sparking concerns about heightened risk. Technical analysis suggests NIFTY's support at 21407 and hurdles at 21807, while options data indicate a potential 21100-22000 trading range. Six negative catalysts, including banking stock caution and global uncertainties, weigh on market sentiment. Notably, Nifty IT index resisted the sell-off, driven by strong Q3 results. Amid Q3 corporate results anticipation, a preferred trade advises buying Nifty and Bank Nifty within specified zones. Bullish prospects are highlighted for APOLLO TYRES, MAZGAON DOCK, TATA POWER, and INDIAN BANK. A standout buy recommendation is INDIAN BANK (CMP 440), with targets at 461/501 and aggressive 15-18 months targets at 651, accompanied by a stop below 347.
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