In line with the weak Asian market signals, domestic benchmark indices opened lower on Monday. Nifty opened the day down, continued to be under pressure during the trading session, and ended the day lower at 25,811. Similar to other indices, Bank Nifty began the day lower and under pressure throughout the day before wrapping up at 52,978. A spike in market volatility was shown by the 6.89% increase in the volatility index, or INDIA VIX, which settled at 12.79.

Nifty Outlook

“Technically, on the daily chart, the index formed a red candle and closed below the crucial support level of 26,000, indicating weakness. On the downside, the index will find strong support near its 21-DEMA, placed around 25,540, followed by 25,350. As long as the Nifty remains below 26,000, further weakness will be anticipated. As a result, a short-term “sell on rise” approach is recommended,” said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.

Bank Nifty Prediction

“Technically, the index formed a big bearish candle on the daily chart, followed by Morubozu candle, suggesting further weakness. On the downside, immediate support is expected near 52,720, where its 21-DEMA is placed, followed by 51,890 at the 50-DEMA. In the short term, any bounce toward 53,300-53,350 should be used as an opportunity for profit booking,” predicted Hrishikesh Yedve.

Stocks To Buy Today

Executive director of Choice Broking Sumeet Bagadia recommended buying two stocks on Tuesday, October 1st, citing the need to keep an eye on the market given the revival of geopolitical concerns.

Fiem Industries

Buy FIEMIND in cash @ Rs 1749.55, stop-loss: Rs 1699, target: Rs 1860

FIEMIND daily chart analysis reveals a notable shift in market dynamics, transitioning from a period of minor declines and sideways consolidation to a promising upside bounce. The current trading session reflects a up move, potentially signalling an upside breakout from a narrow range momentum. This development aligns with a positive short-term trend, further reinforced by a surge in trading volume.

Key technical indicators, such as the Relative Strength Index (RSI), underscore the stock’s positive momentum. The RSI not only exhibits positive signals but the stock is also trading above crucial moving averages-specifically, the 20-day, 50-day, and 200-day Exponential Moving Averages (EMA). This convergence suggests sustained strength in FIEMIND price action.

Volume analysis further substantiates the credibility of the up move, with a pronounced increase accompanying the positive trend.

The comprehensive evaluation of FIEMIND daily chart implies the existence of a broader bullish pattern in the stock price. This, in turn, presents a compelling long trading opportunity for investors seeking to capitalize on the anticipated upward trajectory.

Based on the above analysis we recommend buying FIEMIND in cash at CMP of 1749.55 for the target of 1860 with a stop loss of 1699.

AstraZeneca Pharma

Buy ASTRAZEN in cash @ Rs 7970.05, stop-loss @ Rs 7700, target @ Rs 8500

ASTRAZEN is exhibiting strong bullish momentum, currently trading at an all-time high of 8137.5 levels. The recent breakout above the crucial resistance at 7777 levels is a significant technical development, supported by robust trading volumes, reinforcing the strength in the stock. The breakthrough suggests a potential continuation of the upward trend, offering an optimistic outlook for investors.

Additionally, ASTRAZEN is trading above key moving averages, including the short-term (20 Day), medium-term (50 Day), and long-term (200 Day) EMAs, further affirming its bullish stance. The momentum indicator, Relative Strength Index (RSI), is at 67.08 levels.

For traders, keeping an eye on the strong support near 7700 levels is advisable, as a breach of this level could signal a shift in sentiment. Overall, ASTRAZEN current technical setup suggests a favourable environment for further upside potential, provided traders and investors remain vigilant to potential reversals and closely monitor key support and resistance levels.

Based on the above analysis we recommend buying ASTRAZEN and the CMP of 7970.05 with a stop loss of 7700 for the target of 8500.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.

Story first published: Tuesday, October 1, 2024, 7:32 [IST]