Markets are pleased with the Union Budget’s result. On completion of the budget announcements, banks, infrastructure and commodities were the favored sectors of major market participants. Nifty has broken all the major levels of resistance led by influential firms.
Technically, on a daily chart, the market has developed a powerful bullish reversal trend that moves towards the 14500 levels. Traders should consider reducing the poor positions at or near the price of the resistance. If it is corrected to 14200, the strategy will be to buy on the market.
If it reaches 14800 levels, the Nifty can pass above to the level of 15300. The nifty bank cheered the sentiment and surpassed the previous high at the amount of 32842. As per the graphs, in the next few weeks, it is heading for the 34500 stages.
Grasim Industries: The stock breached the bullish consolidation upward barrier at 1100. The stock could move to 1200 in the near term on the basis of this. With a stop loss at 1080, it’s a purchase at current prices. CMP: 1125
Escorts: The stock has formed the “Inverted Hammer” formation according to the Japanese candlestick formation after reaching the 1200 support area. It goes higher to the upward limit at 1350. Buy with a final stop loss at 1230, at current prices.
HDFC Life Insurance Company: At 670, the stock developed a higher bottom and sharply reversed back. In the area of 725/730, it has more resistance. With a strict stop loss at 680, buying is advisable.
Tata Motors: It is upward trending and could shift to set a new high above the levels of 307 after consolidating between the levels of 255/270. Buy at current prices and maintain a final stop loss at 267 for that.
Axis Bank: Inside the basket of Bank Nifty, it is the most outstanding stock. The psychological threshold of 700 has been decisively exceeded. The stock is poised to surpass all-time high levels based on long-term charts. However, there will be substantial barriers in the short-term 735/745. For generating any long place, maintain a stop loss at 695.
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