Based on the provided market analysis and stock recommendations, here is a concise summary and trading strategy for the next session:
Market Overview:
- Nifty: Closed at 22,550 with a 1.21% loss in mid-cap, forming a “High wave” candlestick pattern. Bearish below the closing price.
- Support: 22,480 and 22,350
- Resistance: 22,670 and 22,715
- Bank Nifty: Provided support and resistance levels.
- Support: 48,750 / 48,250 / 48,000
- Resistance: 49,180 / 49,450
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Sector Performance:
- Metals and IT: Hit the hardest.
- Overall Market Sentiment: Bearish, with profit booking likely to continue.
Trading Strategy:
- Nifty: Sell on rise between 22,700 to 22,780. Buy on dip suggested at 22,200.
- Bank Nifty: Follow provided support and resistance levels for intraday trading decisions.
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Stock Recommendations:
- ICICI Bank (ICICIBANK)
- Outlook: Bearish, RSI at 49.
- Strategy: Sell on rise.
Get daily live market researched trades here – https://t.me/SMTStockMarketToday - Entry: 1125/1130
- Target (TG): 1110/1100/990
- Stop Loss (SL): 1138
- Axis Bank (AXISBANK)
- Outlook: Bullish, RSI at 61.
- Strategy: Buy on dip.
- Entry: 1135/1140
- Target (TG): 1160/1170/1175
- Stop Loss (SL): 1125
- State Bank of India (SBIN)
- Outlook: Bearish, RSI at 58.
- Strategy: Sell on rise.
- Entry: 835/842
- Target (TG): 825/820/800
- Stop Loss (SL): 850
- HDFC Bank (HDFCBANK)
- Outlook: Bearish, RSI at 57.
- Strategy: Sell on rise.
- Entry: 1540/1545
- Target (TG): 1520/1505/1490
- Stop Loss (SL): 1555
- Bharti Airtel (BHARTIARTL)
- Outlook: Bearish, RSI at 68.
- Strategy: Sell below day open price.
- Entry: 1377
- Target (TG): 1365/1355/1340
- Stop Loss (SL): 1395
Summary:
The market shows signs of continued profit booking and volatility. Traders should consider a cautious approach with a focus on selling on rises in the mentioned stocks, except for Axis Bank, which presents a buy-on-dip opportunity. Use the provided support and resistance levels to guide intraday trades, and maintain strict stop-loss orders to manage risk effectively.
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