Get started

Indianstockmarket

Bearish RSI divergence in Nifty, indicating a potential decline! Since October 2023, Nifty has demonstrated a robust upward trend, reaching an impressive peak of 25,333, marked an all-time high. However, the index has recently faced a setback, pulled back from this peak and currently indicating a downward movement. A significant bearish RSI divergence is evident on the daily chart, signaling a further potential decline for the index. On the downside, important support levels are lies between 23,900 and 24,100. It is crucial to recognize that a break below this support could lead to a significant drop in the index.
NSE:NIFTYShort
by GoodluckCapital
1
news base oppotunitynews: the company entered into a partnership with Onix Renewable Ltd. to supply steel structures and single-axis trackers for solar energy projects, with plans to eventually expand into dual-axis trackers. Onix Renewable Ltd., the partner company, is involved in various sectors of renewable energy and currently has 600 MW of projects underway, with an additional 2200 MW planned. The new partnership is expected to contribute to the success and durability of these solar projects. Rama Steel Tubes has incorporated a wholly owned subsidiary named, Rama Defence on 31 August 2024. The new company will carry out business in the field of defence sector such as trading, importing, exporting, manufacturing, assembling and supplying of defence equipment, arms, ammunition, explosives and related military and security hardware etc focus: : rama steel ltd enter in 2 most demanding sectors defence and renewable energy. : fuuture growth of these sectors are too high, : after news in stock shows heavy fii inflows market cap before news 1500 cr current market cap 2052 cr price before news 10.30 current price 13.46 target price 24-30 *boost post and follow us for more news and valuation base data and research
NSE:RAMASTEELLong
by Tap_trader
Sector-Based Analysis: Navigating Today's Market DynamicsTo complement my earlier NIFTY analysis, let's dive into the key sectors and their potential impact on today's market movement. Here’s a quick breakdown of the major indices to watch and how they could influence NIFTY's direction: 1. Banking Sector (BANKNIFTY): Current Level: 51,383.95 (+32.95, +0.06%) Analysis: The banking sector remains mildly positive today, reflecting stability in major financial stocks. Any sustained upward move in BANKNIFTY above 51,400 could provide additional momentum to NIFTY. However, if BANKNIFTY fails to hold above the 51,300 support level, it may trigger some selling pressure on NIFTY as well. 2. Financial Services (CNXFIN): Current Level: 26,706.65 (+68.75, +0.29%) Analysis: The financial services index is showing resilience with a modest uptick. A positive performance in this sector often signals broader market strength. The continuation of buying interest in this index above 26,700 would support a bullish view for NIFTY. 3. Information Technology (CNXIT): Current Level: 42,940.00 (+152.40, +0.36%) Analysis: CNXIT is gaining momentum and is a key driver today. Tech stocks are often considered safer bets, and a rally in this sector could act as a strong tailwind for NIFTY. Watch for a breakout above 43,000 for further bullish confirmation. 4. Auto Sector (CNXAUTO): Current Level: 32,073.60 (-98.90, -0.31%) Analysis: The auto sector is underperforming, with notable weakness visible in several major auto stocks. If CNXAUTO continues to decline, it could create a drag on NIFTY, particularly if other sectors also show signs of fatigue. 5. FMCG (CNXFMCG): Current Level: 66,739.70 (+609.95, +0.95%) Analysis: The FMCG sector is exhibiting strong buying interest and is currently one of the best-performing sectors. Positive movement here might help sustain NIFTY's overall sentiment, especially if consumer demand trends remain favorable. 6. Metals (CNXMET): Current Level: 23,947.05 (-35.90, -0.15%) Analysis: The metal sector is seeing some selling pressure today, possibly due to profit booking after recent gains. Any further downside in CNXMET could weigh on market sentiment, but if it stabilizes above 23,900, it might not have a significant negative impact on NIFTY. 7. Pharma (CNXPHARMA): Current Level: 23,181.70 (-35.90, -0.15%) Analysis: Pharma is relatively flat today. The sector's lack of direction indicates uncertainty among investors. However, if it stays above the 23,150 level, it may provide some support to the overall market. Sector-Wise Conclusion: The Banking, Financial Services, and FMCG sectors are showing positive momentum and are crucial to driving NIFTY higher today. Auto and Metal sectors are underperforming; however, their impact might be mitigated if strength in other sectors persists. Keep a close watch on CNXIT and BANKNIFTY for further clues on market direction. A strong performance in these sectors could be the catalyst needed for NIFTY to break its current resistance. What to Watch Today: A sustained uptrend in BANKNIFTY and CNXIT will be critical for a bullish continuation. Any significant weakness in Auto or Metals could be a red flag for potential profit booking in NIFTY. Monitor the FMCG sector closely; its outperformance could provide stability to the broader market.
NSE:NIFTY
by theithachi
Greenply vs Greenpanel: A Clash of Plywood and MDF Giants!About Companies Greenply Industries NSE:GREENPLY is a prominent player in the plywood industry, dedicated to the production and trade of plywood and its associated products. Their extensive range features plywood, block board, wood flooring, medium density fiberboard, flush doors, and decorative veneers. Founded in 1984 by Shiv Prakash Mittal, the company operates out of Kolkata, India. In 2018, Greenpanel Industries NSE:GREENPANEL emerged as a separate entity from Greenply Industries, concentrating on the manufacturing of MDF boards and related products. Their product lineup includes wood flooring, veneers, flush doors, and more. Market Capitalization ● Greenply Industries - ₹ 4,751 Cr. ● Greenpanel Industries - ₹ 4,849 Cr. Technical Aspects Greenply ● The monthly chart reveals that the stock price encountered significant resistance around the 340 mark, resulting in a sharp decline that brought it down to the 70 level, where it found support. ● After an extented phase of consolidation, the stock formed a Double Bottom pattern. ● Once this pattern broke out, the price surged upward, and nearly 6.5 years later, in July 2024, the stock successfully broke through the previous resistance zone. ● Having maintained its position above this breakout level, the stock price is poised for further gains. Greenpanel ● After reaching a remarkable high close to 625, the stock faced a considerable downturn. ● It later found a solid support at the 260 level, which set the stage for its recovery. ● Nevertheless, the stock ran into resistance around the 430 mark, caused another retreat to the previous support zone. ● Currently, with a fresh upward trend, the price exhibits significant growth potential. Revenue Breakdown ● Greenply Industries generates a remarkable 77.4% of its total revenue from plywood and associated products, establishing itself as a dominant player with a 26% market share in the domestic plywood sector. ● In contrast, Greenpanel Industries focuses heavily on MDF boards, which make up an astounding 91% of its total sales, securing a 21% market share in the domestic MDF industry. Sales & Profit Analysis ● Greenply ➖ In the last three years, this company has experienced an impressive compounded annual growth rate of 23% in sales. ➖ However, profit growth has been modest, increased by only 3% during the same period. ➖ The company currently holds an operating profit margin of 9%, which is deemed acceptable. ➖ In the fiscal year 2024, earnings per share have dropped to 5.44, down from 7.44 in FY2023. ● Greenpanel ➖ Over the past three years, this company has achieved a compounded annual growth rate of 15% in sales. ➖ In contrast, profit growth has been exceptional, soaring at a 26% CAGR during the same period. ➖ Currently, the company boasts an operating profit margin of 16%, a noteworthy figure. ➖ However, in fiscal year 2024, earnings per share have declined to 11.64, down from 20.92 in FY2023. Valuation ● P/E Ratio ➖ Greenply Industries currently has a price-to-earnings (PE) ratio of 48.75, which is marginally above its 1-year median PE of 48.1, yet it aligns closely with the industry average PE of 48.75. ➖ On the other hand, Greenpanel Industries shows a current PE of 33.94, indicating it may be overvalued relative to its 1-year median PE of 25.2, but it appears undervalued when compared to the industry PE of 48.75. ● P/B Ratio ➖ Greenply has a PB ratio of 6.69, suggesting it is considerably overvalued. ➖ However, Greenpanel Industries has a PB ratio of 3.68, which, although somewhat high, does not indicate overvaluation. ● Intrinsic Value ● Greenply is presently valued at ₹984, a figure that is approximately 2.4 times its intrinsic worth of ₹158. This suggests that the stock is currently overvalued. ● Conversely, Greenpanel has a market price of ₹395, roughly 1.5 times its intrinsic value of ₹259, which similarly indicates that this stock is also overvalued at this time. Product Demand analysis (Plywood vs MDF) ● Greenply presently has an inventory turnover ratio of 4.2, an improvement from 3.96 three years ago. ● In comparison, Greenpanel Industries shines with a current inventory turnover ratio of 5.08, a substantial increase from 3.71 three years earlier. ● These figures clearly indicate a rising demand for MDF products, highlighting a promising trend in the market. Company Capex ● Greenply has significantly reduced its capital expenditure, slashing it to 123 crore from last year's 412 crore, indicating a lack of a robust capex program. ● In contrast, Greenpanel has made a remarkable leap in its capital investments, raising its capex to 344 crore from just 80 crore in the previous financial year. Debt Analysis ● Greenpanel Industries stands strong with a manageable debt of 296 crores and a favorable debt to equity ratio of 0.22, indicating that debt is not a concern for the company. With an impressive interest coverage ratio of 16, Greenpanel is well-equipped to handle its loan repayments without any issues. ● Other side, Greenply Industries carries a higher debt burden of 549 crores, reflected in a debt to equity ratio of 0.77. With an interest coverage ratio of only 3.33, the company may face challenges in meeting its loan repayment obligations. Cashflow Analysis ● Greenply has experienced an impressive increase in its operating cash flow, jumping to 111 crore from a mere 62 crore in FY23. ● Greenpanel Industries has struggled to convert its profits into cash, with its operating cash flow declined significantly to 135 crore from 337 crore in FY2023. Shareholding Pattern ● Greenply ➖ Foreign Institutional Investors (FIIs) are dramatically raising their investments. In the latest June quarter, their stake has surged to 4.91%, a notable increase from just 2.15% in June 2023. ➖ Meanwhile, Domestic Institutional Investors (DIIs) currently hold 30.33% as of the June quarter, down from 32.41% last year. ● Greenpanel ➖ Foreign Institutional Investors (FIIs) are consistently divesting their positions in this stock, with their current ownership now at a mere 2.12%, a significant drop from 4.3% a year ago ➖ In contrast, Domestic Institutional Investors (DIIs) are steadily boosting their investments, with their current stake rising to 26.71%, up from 21.60% in June 2023. Some Important Facts ● Shifting Demand From Plywood to MDF ➖ Worldwide, the consumption ratio of MDF to plywood stands at 80:20; however, in India, this ratio is notably reversed, with plywood dominating at 20:80 as of 2022. ➖ Industry experts predict that by 2030, this ratio in India will shift to an even 50:50. ➖ This shift indicates significant growth opportunities for the MDF sector in India, particularly as it is poised to capture a larger share of the low and medium-grade plywood market, which currently makes up 85% of the plywood industry in the country. MDF Industry Growth Drivers ● Growth of Online Home Décor Platforms ➖ The growth of online home décor platforms like Pepper Fry, Fab Furbish, and Urban Ladder has increased the need for ready-to-assemble (RTA) furniture, impacting the MDF industry directly. ● Reduction in Furniture Cycle Time ➖ The increasing popularity of stylish, comfortable furniture crafted from MDF has significantly reduced the home renovation timeline, slashing it from the previous 15 to 20 years down to just 7 to 8 years. ● Cost Advantage Over Plywood ➖ MDF is much cheaper than plywood because it is made from leftover wood materials, both hardwood and softwood. Conclusion ➖ After examining all the factors, it appears that the MDF industry is poised for significant growth in the near future, outpacing the Plywood sector. As a result, companies such as Greenpanel Industries are likely to reap substantial benefits, which will have a direct positive effect on their share prices.
NSE:GREENPANELLong
by GoodluckCapital
2
CASTROLIND Trade Analysis for Buy using Wyckoff methodWyckoff Story Prior to trading range we were in uptrend and then we have BC and CHoCH (Change of character). Let’s assume our bias is accumulation based on CHoCH as we don’t see lot of supply in the CHoCH. Down wave Analysis We can see that the volatility of the down wave is decreasing from Phase A to Phase C, confirming the accumulation Bias. Volume Analysis We have supply decrease from Phase A to Phase C indicating supply is being absorbed. Spring We have spring in Phase C Major Sign of Strength we have MaSOS in phase D with good volume indicating institutions are present in buying. Final View Bullish on the stock
NSE:CASTROLINDLong
by ksujit08
CASTROLIND Trade Analysis for Buy using Wyckoff methodWyckoff Story Prior to trading range we were in uptrend and then we have BC and CHoCH (Change of character). Let’s assume our bias is accumulation based on CHoCH as we don’t see lot of supply in the CHoCH. Down wave Analysis We can see that the volatility of the down wave is decreasing from Phase A to Phase C, confirming the accumulation Bias. Volume Analysis We have supply decrease from Phase A to Phase C indicating supply is being absorbed. Spring We have spring in Phase C Major Sign of Strength we have MaSOS in phase D with good volume indicating institutions are present in buying. Final View Bullish on the stock
NSE:CASTROLINDLong
by ksujit08
Angleone is destined to stage a comeback!Technical Analysis (Weekly Timeframe) ● The stock had previously consolidated and established a Rounding Bottom pattern. ● Following the breakout, the price surged, hitting an impressive all-time high of 3,880. ● However, it then began to decline, ultimately dropping to the support level around 2,000. ● A robust rebound from this support, accompanied by significant volume, indicates that the stock is poised for another upward movement. ● The potential targets to watch for are: ➖ 1st Target - 3,400 level ➖ 2nd Target - 3,880 level. Technical Analysis (Daily Timeframe) ● The daily chart reveals that following the breakout from the Falling Wedge pattern, the price is currently in a consolidation phase, poised for a significant upward movement. ● The trading volume has surged notably in recent days, signalling that big market participants are showing keen interest. Technical Indicators (Daily Timeframe) RSI ● Current RSI of this stock is 61.37, which indicates the strength of buyers. MACD ● MACD line has crossed over the signal line from the below, indicates a robust bullish momentum is in play. ADX & DI ● ADX value surpassing 20 with +DI positioned above the -DI, indicates the strength of the trend.
NSE:ANGELONELong
by GoodluckCapital
BUY PLAN IN UJJIVAN SMALL FINANCE BANKDISCLAIMER:- This is not an financial advice, I will not recommend anyone to buy/sell any assets just based on this. Please make your own analysis. TRADE ANALYSIS: - - Fundamentally stock seems to be good. Financial sector has been beaten down for a while. I personally believe in sectoral rotation and time has not yet come for financial sector. While financial sector seems bullish in near future, stock like UJJIVANSFB can give good returns as its relatively undervalued and has lot of potential to upside. Big funds such as FII and DII, both has been accumulating this stock for a while. - Technically I see a cup and handle pattern being formed in longer timeframe
NSE:UJJIVANSFBLong
by prajwalbadaje
Dixon & Bajaj-Auto Showing High Rise in Future OIDIXON Following a significant upward trend, the stock price experienced a correction and later established a Double Bottom pattern. Recently, a breakout occurred, backed by strong volume, suggesting that the price is set for further gains. Additionally, a notable increase in future open interest—nearly 11%—has been recorded. This rise in both stock price and future open interest signals that big investors are optimistic about this stock. As long as the price remains above the 12,900 level, the overall sentiment is likely to stay positive. BAJAJ-AUTO During the upward movement, the price experienced a brief consolidation phase, resulted in the formation of a Rounding Bottom pattern. Recently, a breakout occurred, supported by significant volume, suggested that the stock price is poised to maintain its upward trajectory. Moreover, there has been a remarkable surge in future open interest, climbed nearly 19%. This increase in both the stock price and future open interest indicates that big investors are bullish about this stock. As long as the price remains above the 10,000 level, the overall sentiment is likely to stay positive.
NSE:BAJAJ_AUTOLong
by GoodluckCapital
1
SHYAMMETL & RPSGVENT - Cup & Handle Breakout!!SHYAMMETL Following an upward trend, the stock price encountered resistance around the 740 level, resulting in a correction that brought the price down to the 530 level, where it established support. Subsequently, the price entered a consolidation phase before successfully breaking through its trendline resistance. With a surge, the stock price climbed back to its previous resistance level but faced rejection once more. After a period of consolidation just below this resistance level, the price ultimately broke out with significant volume support. During this time, a cup & handle pattern emerged, and with this breakout, that pattern was also surpassed. If the price can hold above this breakout point, we could witness another rally in the days ahead. RPSGVENT After a tough rejection around the 840 level, the price started to decline. Once it successfully broke through the trendline resistance, the stock price jumped back to its earlier resistance level but was rejected again. After a period of consolidation just beneath that resistance level, the price has finally made a breakthrough recently, supported by substantial volume. A cup and handle pattern formed during this period, and with the breakout, that pattern was also exceeded. If the price remains above this breakout level, there could be more upward movement.
NSE:SHYAMMETLLong
by GoodluckCapital
BALRAMCHINI & MPHASIS Showing High Rise in Future OIBalrampur Chini The stock price saw a notable decline after dropping beneath the Rising Wedge pattern. Subsequently, it entered an extended phase of consolidation, during which it formed an Inverted Head and Shoulders pattern. After the breakout, the price surged initially but then experienced a short consolidation period before breaking out again. This movement also shows a breakout from the Rounding Bottom pattern, which is allowing the stock price to go up even higher. Mphasis The stock price is currently in a strong consolidation phase. The chart shows that an Inverted Head & Shoulder pattern is developing, suggesting that this phase might end soon and the price could rise after a major breakout. To see an upward movement, the price needs to break through the 3,100 level and stay above it.
NSE:BALRAMCHINLong
by GoodluckCapital
Federal Bank vs Karur Vysya Bank: Which is the bettr investment?The Bank Nifty NSE:BANKNIFTY stands at the 50,500 level, reflecting a decline of approximately 5.3% from its all-time high. When evaluating private banks, HDFC NSE:HDFCBANK , Axis NSE:AXISBANK , ICICI NSE:ICICIBANK , and Kotak Mahindra NSE:KOTAKBANK typically emerge as top contenders for investment. However, in the mid to small-cap arena, Federal Bank and Karur Vysya Bank have shown remarkable resilience and performance over the past few months, outpacing the broader banking sector. Let’s delve into some crucial factors that can guide us in determining the most promising investment opportunity at this moment! Market Capitalization ● Federal Bank NSE:FEDERALBNK - ₹ 49,883 Cr. ● Karur Vysya Bank NSE:KARURVYSYA - ₹ 17,459 Cr. Relative Strength ● The chart clearly illustrates that the Bank Nifty has delivered an impressive return on investment of approximately 15% over the past year. However, Federal Bank and Karur Vysya Bank have far surpassed this figure, achieving remarkable returns of around 54% and 82%, respectively. This indicates that these two banks are currently excelling far beyond the overall bank index. Cost of Liabilities ● The liabilities cost for Karur Vysya Bank is at 4.8%, notably lower than Federal Bank's 5.14%. This indicates that Karur Vysya Bank has a greater ability to secure funds compared to Federal Bank. CASA Ratio ● The CASA ratio, which measures the proportion of deposits in current and savings accounts to total deposits, is a crucial indicator for banks. A higher CASA ratio signifies a reduced cost of funds, as banks typically do not pay interest on current account deposits, and the interest rates on savings accounts are generally quite low, around 3-4%. ● In this instance, the CASA ratios stand at 30.39% for Karur Vysya Bank and 29.56% for Federal Bank, highlighting Karur Vysya Bank's superior position over Federal Bank. Non-performing Asset (NPA) Analysis ● Over the past four years, the net non-performing assets (NPA) for these two banks have seen a remarkable decline. ● In the latest quarter, Karur Vysya Bank reports a net NPA of just 0.4, while Federal Bank follows closely with a net NPA of 0.6. Total Provisions ● Discussing the NPA without considering the overall provisions presents an incomplete picture. Both banks have experienced a notable decline in this crucial factor. ● For Federal Bank, the total provisioning for FY24 is only 196 crore, a stark reduction from 750 crore in FY23. Similarly, Karur Vysya Bank's total provisioning for FY24 stands at 728 crore, down from 1,039 crore in FY23. Net Interest Margins (NIM) ● Karur Vysya Bank boasts a superior net interest margin (NIM) of 3.75, significantly outpacing the Federal Bank's NIM of 2.87. ● A NIM below 3 is generally viewed as unfavorable for banks. highlighting the strength of Karur Vysya Bank in this key metric. Advances Growth (%) Analysis ● An increase in advances growth signifies a bank's ability to efficiently provide loans. The 20.4% rise in advances for Federal Bank surpasses the 16.68% growth seen at Karur Vysya Bank, showcasing a more robust lending capability. Valuation ● PE Ratio ➖Federal Bank's current price-to-earnings (PE) ratio is 12.4, which exceeds its 1-year median PE of 9.0. Compared to the industry average PE of 11.83, this suggests that the stock is not excessively overvalued. ➖On the other hand, Karur Vysya Bank has a current PE of 10.2, which is marginally above its 1-year median PE of 9.8. Given the industry PE of 11.83, this indicates that Karur Vysya Bank is significantly undervalued. ➖When analyzing the PE ratios, it becomes clear that Karur Vysya Bank holds a more advantageous position. ● Intrinsic Value ➖The Federal Bank is currently trading at ₹204, while its intrinsic value stands at ₹228, indicating that the stock is undeniably undervalued at this time. ➖On the other hand, Karur Vysya Bank's market price is ₹217, but with an intrinsic value of only ₹146, it clearly shows that the stock is currently overvalued. Technical Aspects ● From a technical standpoint, both stocks exhibit a similar pattern and appear to be currently overextended. Any pullbacks could provide a valuable opportunity to take positions. Conclusion ● Upon evaluating all the key factors, it is evident that Karur Vysya Bank NSE:KARURVYSYA is in a more advantageous position than Federal Bank NSE:FEDERALBNK ; however, this does not imply that Federal Bank is struggling. Both banks offer promising investment prospects. As the economy grows, a fundamentally strong bank is expected to consistently surpass the overall banking sector.
NSE:FEDERALBNK
by GoodluckCapital
3
Cera is on a bull run, chart indicates further rise in price!Weekly Chart The stock has been experiencing a strong upward trend, consistently pushing its highs and lows to new heights. We've noticed that the bullish pole and flag pattern appeared twice in a row, indicated a solid presence of buyers in this stock. Recently, a breakout occurred on the weekly chart with high trading volume, suggesting that the price is set to rise again. Daily Chart Following a notable rejection around the 9,600 mark, the stock experienced a considerable correction. The formation of a Double Bottom pattern signaled a reversal in the downtrend, leading to a robust upward movement. This impressive rally brought the price back to its former resistance level, but it struggled to break through, leading to a period of consolidation just beneath that threshold. In an unexpected turn, the stock gapped up and successfully surpassed its immediate resistance, maintaining its position above this critical level. With trading volume on the rise, there is a promising outlook for a significant upward surge in the stock price.
NSE:CERALong
by GoodluckCapital
ORIENTAL RAIL INFRASTRUCTURE LTDTechnical Analysis - After breaking out at ₹150, the stock reached ₹300. - It consolidated in a range for 6 months before breaking out again in June 2024 to touch ₹450. - The price has now retraced to the ₹300 level, retesting previous support. - Fibonacci Retracement: Currently in the golden pocket zone. - RSI: Indicates a healthy momentum. - Moving Averages: Trading above the 50 EMA and 200 EMA, indicating a bullish trend. Fundamental Analysis - Company Fundamentals: Strong - Valuation: Slightly expensive but not a significant concern for short-term trades. Action: 1. Buy Zone: Consider buying between 331.45 and 304.80, keeping an eye on price action and volume at these levels for confirmation. 2. Stop Loss Placement: • Place a stop loss around ₹295-298 to limit potential losses if the support levels fail. 3. Profit Booking: • Start booking profits around 400,₹440 for the short term. If the price shows strength and breaks above the 400 level, hold for a medium-term target of ₹500. 4. Monitor Key Levels Keep an eye on the 50 EMA and 200 EMA for any changes in trend direction. Watch for price action around key Fibonacci levels to adjust strategy accordingly. Summary: • Entry: ₹331.45 to ₹304.80. •Stop Loss: ₹298. • Targets: ₹400,440 (short-term), ₹500 (medium-term). Risk:Reward = 1.65 ( for target 400 ) 2.65 ( for target 440 ) note* This is a circuit stock, UC & LC are very common so please place your SL. Happy Trading:)
BSE:ORIRAILLong
by rohix
1
Banknifty is at a key support level—will it rebound? In recent months, the bank index has been on a remarkable upward trajectory, consistently achieving higher highs and higher lows. After reaching an all-time peak close to 53,350 (specifically at 50,358), the bank index experienced a correction. At present, the index is hovering around a significant support level of 49,750, which also aligns with the trendline support visible on the chart. There is a strong expectation that the bank index will bounce back from this point and resume its upward trend. However, if this support is broken, the next level to watch will be around 46,000 to 46,300. To regain its bullish momentum, the index must overcome the immediate resistance located between 53,000 and 53,350.
NSE:BANKNIFTY
by GoodluckCapital