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09052024technical Morning Ideas

The Nifty index showed weakness with a gap-down opening, closing flat while maintaining a cautious bias, with major support at 22000 and resistance at 22400. BankNifty recovered slightly above 48000 but remains cautious, with support at 47600 and resistance at 48500. Positive stock ideas include Bharat Forge and ICICIGI, while negative trends are noted for Asian Paint and M&M.

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4 views2 pages

09052024technical Morning Ideas

The Nifty index showed weakness with a gap-down opening, closing flat while maintaining a cautious bias, with major support at 22000 and resistance at 22400. BankNifty recovered slightly above 48000 but remains cautious, with support at 47600 and resistance at 48500. Positive stock ideas include Bharat Forge and ICICIGI, while negative trends are noted for Asian Paint and M&M.

Uploaded by

Ding Dong
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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TECHNICALS DAILY

09th May, 2024


Forecast
NIFTY / SENSEX

Nifty indicated weakness with a gap-down opening to make a low of 22180 and witnessed some recovery to close on a flat note.
However, bias was still maintained with a cautious approach. The index would have a level of 22000 as the major support zone from
current levels, and a decisive breach above 22400 is necessary to improve the sentiment. Sensex has closed below 20 DMA and a
break below 73000 levels. The index can slide further till 72700 levels of the lower band of the rising trend line pattern, with bias
turning weak. The support for the day is seen at 73000/22150, while the resistance is seen at 74000/22450.

BANKNIFTY / BANKEX
BankNifty managed to close above the 48000 zone, witnessing a recovery after the initial sell-off below 48000, and has made the
bias a little bit cautious, with the near-term major support zone of 50 DMA lying near the 47600 zone. Bankex has closed below the
important support of 54800 and the next major support at the 50 DMA level of 53960. Bank Nifty would have a daily range of
47500–48500 levels, with Bankex support at 54200 and resistance at 55200 levels.

Stock Ideas with Trend Reversal


Positive : - BHARAT FORGE, ICICIGI, KSCL, COAL INDIA, HEROMOTO, HPCL, BOSCH, ESCORTS,
GUJ GAS, KIRLOSKAR CUMMINS

Negative : - ASIAN PAINT, APLLTD, CHOLAFIN, BERGER PAINT, M&M, SBILIFE, JKLAKSHMI, COLPAL,
EICHER MOTOR

Crossover above 200 daily MA Crossover below 200 daily MA


AMEYA PRECISION, KOHINOOR FOODS, ARO INDUSTRIAL INV, TIPSFILMS, ESAB INDIA, VENUS
GRANITE, CHEMPLAST, DAMODAR IND, IGL, REMED, SPORTKING INDIA, BALAJI TELE, REGENCY,
ORIENT ELEC, BALAJI AMINES, MUNJAL SHOWA0 RUSHIL DÉCOR, FIDEL SOFTTECH

Nifty / BankNifty / Sensex / Bankex - Daily Technical Levels


Indices Closing Trend Reversal 2 Sup 1 Sup Pivot 1 Res 2 Res
Nifty 22302.50 -4 22491 22102 22202 22285 22386 22469
Bank Nifty 48021.10 -4 49161 47660 47840 48032 48212 48404
Sensex 73466.39 -4 74069 72797 73132 73408 73743 74019
Bankex 54719.15 -4 56015 54312 54515 54705 54909 55099
Disclaimer: Investment in securities market are subject to market risks, read all the related documents carefully before investing.
TECHNICALS DAILY

OPEN CALLS

Disclaimer: Investment in securities market are subject to market risks, read all the related documents carefully before investing.

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