In yesterday's trading session, Nifty hit a new record high of 22497.20, driven by strong performances from private banks, a subdued US Dollar, and a technical higher high/low formation. The Nifty is expected to oscillate within the 22000-23000 range, with significant option activity suggesting resistance at 23000 and support at 21700. Jerome Powell's recent testimony indicated a potential peak in policy rates, boosting Wall Street and shifting focus to upcoming US Nonfarm payroll data. Additionally, significant developments include the government's share sale in NLC India, a major contract for Jupiter Wagons by the Ministry of Railways, and an increased contract value for HAL's LCA project. Preferred trades highlight buying opportunities in Nifty and Bank Nifty, with specific bullishness on BANK OF BARODA, SRF, COAL INDIA, and HEROMOTO CORP, emphasizing momentum play for BANK OF BARODA with targeted gains.
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