Daijiworld Media Network – Mumbai
Mumbai, Sep 15: The Indian stock market continues its rebound as Nifty and Bank Nifty show signs of recovery for the week starting September 15. According to Sudeep Shah, Head of Technical Research and Derivatives at SBI Securities, Nifty has staged a near 700-point recovery over the past two weeks, closing at its highest weekly level in eight weeks. The index is approaching a breakout from a Symmetrical Triangle pattern, trading above key moving averages, and momentum indicators like RSI and MACD point to strengthening bullish sentiment. Immediate resistance lies at 25,150–25,200, with a potential rally toward 25,500–25,700, while support is seen around 24,950–24,900.
Bank Nifty has extended its pullback rally from a recent low of 53,561, gaining over 1,200 points. The index remains below its 50-day and 100-day EMA, with the 55,100–55,200 zone as immediate resistance and support at 54,400–54,300. Momentum is gradually improving, and a sustained close above resistance levels could trigger a further rally toward 56,000.
Stock recommendations:
Mazagon Dock Shipbuilders Ltd: The stock has broken out of a Falling Wedge pattern with strong volume, trading above both short- and long-term moving averages. RSI has risen above 60, while ADX indicators signal strengthening trend. Recommended buy zone is Rs 2,925–Rs 2,935, with a stoploss at Rs 2,840 and an upside target of Rs 3,140.
Bajaj Finserv Ltd: The stock achieved a horizontal trendline breakout with a surge in volumes. Bullish RSI and upward-trending ADX indicate strong momentum. Recommended buy zone is Rs 2,080–Rs 2,090, stoploss at Rs 2,020, with a potential rally to Rs 2,230.
Investors are advised to monitor resistance and support levels closely while accumulating these recommended stocks.