The Nifty50 fell nearly 100 points during the week to settle at 17,276 on Friday, around the same level it closed on January 25.
“Till the time this war kind of scenario does not subside completely, uncertainty is likely to loom over markets across the globe.
On the flipside, “17,000 followed by 16,800 is to be seen as make or break levels.
After showing an upside bounce in the early-mid part of January, the stock has witnessed rangebound action in the last few weeks.
Buying can be initiated in Coal India at CMP , add more on dips down to Rs 160, wait for the upside target of Rs 184 in the next three to four weeks.
After showing a recent higher bottom reversal around Rs 2,700 levels in the mid of February, the stock witnessed a sustainable upside bounce on Friday, which indicates chances of further upmove.
One may look to buy Hitachi Energy at CMP , add more on dips down to Rs 3,025 and wait for the upside target of Rs 3,440 in the next 3-4 weeks.
After showing minor weakness from highs in the last couple of weeks, the stock has witnessed a sustainable upside bounce in this week.
Hence, a sustainable upmove above the hurdle is likely to open a sharp upside momentum for the stock.
In the recent corrective phase, prices have managed to form a support around 200-day EMA and have given some buying interest in last few sessions.
Traders can look to trade with a positive bias and buy in the range of Rs 1,252-1,240 for potential targets of Rs 1,292 and Rs 1,320 in the near term.
After some price-wise correction in the months of November and December, the stock has recovered gradually from its support and had formed ‘Higher Top Higher Bottom’ structure on short term charts.
Hence, traders can look to trade with a positive bias and buy the stock on breakout above Rs 960 for potential targets of Rs 997 and Rs 1,021 in the near term.
It is largely underperforming other PSU banks, which will put the stock under selling pressure if the market is weak.
Based on the retracement and extension, it looks like the stock could drop to Rs 252 or Rs 245 in the worst-case scenario.
After the completion of the correction, we are expecting the stock to retest its immediate high at Rs 303 and, in the best-case scenario, it may even go up to Rs 325, which was its final target.
Also, it was the lower limit of the broader trading range that the stock had set between the levels Rs 7,750 and Rs 7,000 for the last seven months.
It is a technical breakdown and the stock will validate it if it trades below last week’s low, which was Rs 6,900.
All these requirements do meet here and hence we recommend buying this stock on a small decline towards Rs 1,240-1,235 for a trading target of Rs 1,310.
In last three trading sessions, all of a sudden, the tide turned upwards for this stock.