Page 47 - Technical Analyst News Today

The Nifty will have to surpasses and sustains above 19,550 for a fresh rally to 19,730-19,780. Conversely, below 19,230, the index can slip to 19,160, followed by 19,110

Shares of Adani Ports and Special Economic Zone need to deliver consecutive closes over the barrier of Rs 820 to embark on the fresh-up move.

Stocks that were in focus included names like Apollo Tyres, which gained 6.56%, Bharat Forge, which jumped 1.88%, and Adani Ports, which rose 2.46% on Wednesday.

Short-term traders can look to buy the stock for a possible bounce back towards its 52-week high levels in the next 2-3 weeks, suggest experts.

Stocks that were in focus included names like IndiGo, which gained 1.94%, Nykaa, which jumped 5.06%, and JK Cement, whose shares increased 8.67% on Monday.

The Long-Short ratio has improved drastically from 12.30% on 27 October to 17.68% on November 3 as the Foreign Portfolio Investors (FPIs) marginally trimmed their short exposure in Index futures. Nifty has given a higher close for three consecutive days now.

India VIX was down by 1.78% from 11.07 to 10.88 levels on Friday. Volatility has been cooling off from the last two sessions and aided in support-based buying in the indices.

"After a gap-up opening, Nifty faced resistance around 19,250-19,300 levels, and we can see maximum put writing at 19,200 levels, which may act as strong support for Nifty. We can see maximum open interest in the 19,300 call option, so one should only be bullish on Nifty if it closes above its crucial 100-day moving average, which is placed at 19,300," said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

State Bank of India (SBI) must cross the barrier of Rs 580 on a decisive note to break out on the upside. When that happens, a move towards Rs 610 -620 cannot be ruled out, said an analyst.

Stocks that were in focus included names like Patanjali Foods, which declined 1.45%, Tata Motors, which fell 0.17%, and Sun Pharma, whose shares gained 2.61% on Wednesday.