Nifty under pressure after 8-week losing streak, but technical rebound may be near
Nifty has dipped significantly, nearing a critical support range of 22,000 to 22,600, catching the attention of traders looking for a potential technical rebound in the oversold market. Analysts recommend buying Indian Hotel and Mankind Pharma stocks, highlighting ambitious targets and stop-loss settings. Conversely, caution is warranted for IOC and Torrent Pharma, which display signs of decline.…
The Nifty index faces pressure after a record eighth consecutive weekly decline, approaching a critical long-term support zone between 22,000 and 22,600. Despite technical indicators suggesting potential for a rebound, the market remains cautiously optimistic. Rohan Shah, a senior technical analyst at ASIT C. Mehta Investment Intermediates, highlights that the index is now close to the 22,000–22,200 support zone, aligned with its 200-week EMA and the lower edge of the multi-year consolidation range.
The current oversold momentum, combined with favorable seasonality patterns in October, increases the likelihood of a market recovery. Investors can consider buying Nifty Futures with an upside target of 23,000–23,300, while placing their stop loss below 22,000. Additionally, stocks such as the Indian Hotel and Torrent Pharma are identified as potential opportunities for short-term gains, with specific buy, sell, target, and stop-loss levels provided for each.
Written by urgent.news from The Economic Times - Top News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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