Last Monday, the Nifty finally ceased its days of continuous selling. The index finished well below the important breakdown level of 19250.
Following days of continuous selling, the Nifty has briefly paused its drop due to an oversold chart configuration. However, the index finished well below the key breakdown level of 19250. As long as it remains below 19250, the market may continue to favor selling on any upward advance. If the index falls below 18800, a resumption of weakening is predicted. This is due to the fact that put writers are expected to defend the Nifty with significant holdings at 18800, with immediate support at 19000.
Bank Nifty saw a 2000-point decline in a short period of time after a consolidation breakdown on the daily chart. The index appeared oversold, resulting in a decline on Friday. However, sentiment remains overwhelmingly pessimistic, and any upward movement may be met with selling pressure. On the upside, because call writers have placed considerable positions there, 43000 might function as a significant resistance level. Support can be found at 42500, where put writers are concentrated.
1) Buy GNFC 665 TGT 700 SL 642
The GNFC stock has made a powerful comeback, with a long-legged doji candle probing its previous breakthrough resistance. Notably, the subsequent candle is strongly bullish, signaling a big bullish comeback. The stock is currently trading above its 20-day EMA, with an RSI of 62, indicating strong momentum. Consider opening a long trade in the stock between 660 and 665, with a strict stop loss at 642. Aim for a target price of 700 on the upside.
2) Buy L&TFH 137 TGT 155 SL 131
On the daily chart, the stock is following a higher high and higher low pattern, which is a positive sign. The positive pattern is accompanied by high trading volume, indicating that the price action is strong. On the daily chart, the Relative Strength Index (RSI) indicator is in the positive zone, confirming the optimistic attitude. Consider opening a long trade in the stock between 136 and 137, with a strict stop loss at 131. Aim for a target price of 155 on the upside.
3) Buy RVNL 157 TGT 175 SL 150
The stock has reversed from a previous demand zone, indicating that the rally may continue. On the daily chart, the price has also crossed back above the 50-day simple moving average (50SMA). Consider opening a long trade in the stock between 155 and 157, with a strict stop loss at 150. Aim for a target price of $175 on the upside.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of HNN. We advise investors to check with certified experts before taking any investment decisions.
Frequently asked questions
Which company is L&T Finance?
L&T Finance is an NBFC that provides a diverse range of lending products to both serviced and underserved customers, including home loans, two-wheeler loans, micro loans, SME loans, farm loans, and consumer loans.
Who is CEO of L&T Finance?
Sekharipuram Narayanan Subrahmanyan (born 16 March 1960) is the Chairman & Managing Director of L&T finance.
What is L&T Finance full form?
Non-executive Chairman. Larsen & Toubro Limited (L&T)’s Chief Financial Officer and Member of the Board is Mr. R Shankar Raman. He serves as a Non-Executive Director on our company’s Board of Directors.
Is L&T finance a bank?
Consumer loans are provided by non-banking financial companies (NBFCs) to loan borrowers to finance expenses such as house improvement, festivals, weddings, education, and medical requirements. L&T Finance also provides microcredit to low-income female borrowers.
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