On Anil Singhvis show, Jay Thakkar reveals affordable option - Earnings high, but margin, risk and brokerage low
Jay Thakkar Vice President & HOR Equity Research (Fundamental, Technical, Derivatives & Algo) at Marwadi Shares and Finance Ltd said that today there is a buy recommendation on Nifty. In yesterdays trading session, Jay recommended a buy call when the market was down and later on the market saw buying happening at lower levels and the market recovered from those levels. He said Market participants should buy today into Nifty.
Jay Thakkar Vice President & HOR Equity Research (Fundamental, Technical, Derivatives & Algo) at Marwadi Shares and Finance Ltd said that today there is a buy recommendation on Nifty. In yesterday's trading session, Jay recommended a buy call when the market was down and later on the market saw buying happening at lower levels and the market recovered from those levels. He said Market participants should buy today into Nifty.
Thakkar said a strike call of 14550 should be bought at current levels of Rs 147. First target on this call is Rs 183 and second target is Rs 202. The stop loss on this call is Rs 118. Bank nifty should also be bought if it falls by 50 or 100 points which seems to be possible from current levels. Overall components of Nifty are looking positive at current levels, so Nifty should be bought at current levels. The uptrend seems to be intact from current levels.
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The Nifty crossed the swing high of 14653 with a gap up opening on January 21. However it couldn’t build upon early gains. On the higher side, it stumbled near the 123.6% retracement of the recent decline i.e. near 14755. The index nosedived from the key Fibonacci level towards the end of the session. As a result, it couldn’t stay above the swing high of 14653 on a closing basis and formed a bearish outside bar on the daily chart.
The Bollinger Band study shows that the daily upper band has become flat, which is putting pressure on the higher side, whereas the hourly bands have started contracting. This suggests a consolidation. Thus, the Nifty is expected to trade in the range of 14750-14300 in the short term. Other technical observations On the daily chart, the Nifty is above the 20-day moving average (DMA) and the 40-DEMA, of 14261 and 13833, respectively.
The momentum indicator is bearish on the daily chart. On the hourly chart, the Nifty is between the 20-hour moving average (HMA) and the 40-HEMA, of 14609 and 14550 respectively. The hourly momentum indicator is bearish. Market breadth was negative with 621 advances and 1296 declines on the National Stock Exchange
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