Now coming to Bank Nifty, today Bank Nifty has opened with gap up even above its last two weeks high of 42716 and presently sustaining it. So now if this crosses 43,000 and sustains over there my view will be, targets will be 43200 and 43500.
Deploy Butterfly Call Spread to take advantage of pullback in Nifty next week: Kunal Shah
"The index is already trading in oversold territory so a pullback cannot be ruled out from the current level. The undertone remains bearish as long as the Nifty stays below 18,200 and BankNifty below the 43,000 mark. Since the markets have already witnessed a sharp correction a pullback rally can be deployed from the current levels."
What should investors do with TCS, Infosys & HCL Tech ahead of December quarter results?
"The Nifty50 index has been showing lower top formation patterns on the daily chart since the last one month which suggests a bearish biased view and with the onset of result season, one can anticipate for fluctuations and swings this month. Currently, the 17,780-17,800 levels would be crucial which if decisively broken can trigger for fresh sell-off, with next downside targets visible near the 17500 and 17250 (200-DMA levels) zone."
Bonanza Portfolio suggests buying GNFC and selling Sun TV Network for the short term
Sun TV Network is expected to be giving a breakdown of a wedge like pattern on the daily timeframe after seven months with decent volumes and the supertrend indicator is also indicating a downwards move which can be used as a confluence towards the bearish view.
Hot Stocks | Here's why you should bet on ABB India, GNFC for short term
ABB India has remained resilient amid the market sell off on Wednesday. Besides, the price has been taking support around the 200-DMA (day moving average), suggesting a possibility of recovery over the short term.