Daijiworld Media Network- Mumbai
Mumbai, May 22: As market sentiment remains cautious following recent trendline breaks and profit booking in frontline indices, equity traders are watching key levels closely. According to Aakash K Hindocha, Deputy Vice President – WM Research at Nuvama Professional Clients Group, investors should brace for volatile movements in Nifty and Bank Nifty, with a few selective buy and sell calls for today’s session.
Index View – Nifty 50
Nifty witnessed an inside bar formation after marking a four-day closing low on Tuesday. The breach of the 24,800 level earlier this week with high volumes has now flipped this mark into a resistance zone.
• Support zone: 24,100 / 24,300
• 200-DMA watch: Nifty is open to test the 200-day moving average near 24,100
• Despite a rally of over 3,300 points from April lows, the index has only retraced around 450 points, suggesting more correction is possible.
Bank Nifty
The banking index has broken a six-week rising trendline, putting it on course to retest long-term trend support.
• Expected breakdown of 1,000–1,200 points from Tuesday’s close
• Further fall confirmed by breach of Tuesday’s low in yesterday’s session
Stock to Sell Today
Bosch Ltd – SELL
• Last Close Price (LCP): Rs 31,625
• Target: Rs 29,200
• Stop Loss: Rs 32,500
After a 22% surge from its recent lows, Bosch appears to be losing steam, closing at a four-day low and below last week’s high. A 6-8% correction is likely as the stock shows signs of exhaustion.
Stocks to Buy Today
CAMS (Computer Age Management Services) – BUY
• LCP: Rs 3,887.50
• Target: Rs 4,215
• Stop Loss: Rs 3,737
CAMS has shown a breakout above a sloping trendline, with Tuesday’s dip acting as a pullback buying opportunity. Momentum points to a likely retest of the Rs 4,200 zone.
ONGC – BUY
• LCP: Rs 248.68
• Target: Rs 265
• Stop Loss: Rs 241
A flag pattern breakout on daily charts along with the highest monthly close adds bullish momentum. ONGC looks poised for a 5–7% upside move.