Bank Nifty to lead the coming rally? | CA Rachana Ranade

"if this is broken then we can see a rally to the next level of 18 600 okay so what what is important right now I feel this is important sustaining so going above and sustaining Above This 18331 level at least I may say that the psychological level of 18 300 that is also really really important so if that be so if we are able to close above 18 300 First So what is the crucial level right now closing above 18 300 closing Above This R1 is important"

"and here I am selecting Bank Nifty and 18th May data Okay now if you see here 43 500 right now you saw it's 43 000 the closing happened at forty three thousand four seventy five so pretty much close is forty three thousand five hundred just have a look at this forty three thousand five hundred 79 906 is the oi that's the open interest seventy nine thousand nine hundred six almost eighty thousand oi is here Okay now if you see here if Bank Nifty is able to close above that imagine the number of people who are going to get trapped at this level of forty three thousand five hundred correct now this is this would typically be called as a short covering and once short covering happens that can lead to a further rally"

"From forty three thousand five hundred if it were to move ahead I feel 44 200 is definitely possible for a bank Nifty and if that be so once Bank Nifty starts to lead there is a great possibility that of course Nifty is also going to lead the way through"

"look at this 18 300 open interest 87 000 copper interested so imagine if Nifty closes above 18 300 so stays there for a day or two what an amazing shot covering we can see we're just three points away from 18 300 and simultaneously you can see 85 000 copper and test on the foot side so there is a very very very strong fight I can say super strong fight between the Bulls and the bears at 18 300."

"if 18 300 level is sustained after the Karnataka collection result then there is no big trigger which we know of right now could there be some surprises definitely yes but as on date whatever data we know Karnataka election is the only trigger uh which Market which can take the market either above that or below that if it sustains above 18 318 600 is what I can see coming right now but if 18300 is not sustained we may see levels of 18 100 or 18 000 as well"

"reported net profit there's there's an amazing growth it's almost a growth of 45.12 Revenue so I've also gone up 11 yoi better than expected gross margins so all in all Asian paints have have uh I mean the numbers have come pretty well and stock has they acted very nicely to that"

"it was up almost five percent company has received a letter of acceptance about from the Mumbai Metro for a 300 crore work of Mumbai metro line uh which is to be done in partnership with Siemens India so that was a big thumbs up for rbnl and the stock went up five percent"

"Vodafone idea that was up seven percent uh companies in talks with the financial institutions to roll uh to raise capital for its 5G rollout and markets may be cheered a little bit more because returned to the company's board okay"

"possible Target based on cup and handle formation could be around 950 whatever you said exactly that is the Target that you had mentioned around 950 uh on a daily time frame micd crossover on a daily time frame RSI around 62 all in all looks good pivot is it's above our one 200"

"so if we were to quickly pull out Infosys right now now if you see here from its recent eyes oh my God that will be like a very very very big fall this is down 34 and even from the recent top even if I were to consider like last five six months from here also it's sorry from the recent talk also it's down almost by 24 25 percent so it's a no-brainer right uh that if you're taking a time frame of around two to three years these this stock is so much at a discount right now"

"MRP looks good technically no doubts on that"

"if you if you have enjoyed enjoyed so much profit you may consider booking some partial profit as well uh but otherwise uh entering at that level of fresh level is is difficult"

"ideally the double bottom will be completed and uh pivot level could be touched so definitely yes you can have a look at it"

"if Market is able to close above that level because of Karnataka elections then the rally will continue further and as I said from R1 to R2 it can go to almost 17 600 level as well but if uh you know if the market doesn't like whatever is the result Market doesn't like the result then there is a possibility that Nifty May cool off a little bit as I mentioned eighteen thousand one hundred could be the first level"