Weekly Nifty outlook by Angel One
Nifty weathers volatility; concluded week on a subdued note
The Indian equity markets witnessed a volatile trading week, marked by sharp whipsaw movements on both sides during the truncated week. Market sentiment remained influenced by surge in the US dollar index, easing crude oil prices, and instability from Asian peers, which collectively contributed to heightened volatility. Nevertheless, amid the volatility and sharp swings witnessed throughout, the Nifty50 index ultimately ended on a largely flat note, registering a marginal gain of just 0.18% on weekly basis to settle slightly above the 24,050 level. From a technical standpoint, the Nifty50 index witnessed encouraging developments during the week as it repeatedly tested the crucial 100-DEMA. However, a decisive close above this key resistance level is still awaited to confirm a sustained breakout. Meanwhile, the narrowing gap between the 20 & 50 DEMA reflects an improving market structure and suggests that declines continue to attract buying interest. For now, the index remains in a consolidation phase, with the 100-DEMA positioned around the 24,140-24,170 zone acting as an immediate hurdle. A convincing move above this resistance zone could trigger the next leg of the uptrend, opening the path towards the 24,500-24,600 region in the coming week. On the downside, the 20-DEMA has already demonstrated its significance by providing strong support during recent corrective phases. Consequently, the 23,800 zone is expected to serve as a critical support level, followed by the bullish gap area till 23,645. Overall, the broader undertone remains positively biased, with market dips likely to be viewed as buying opportunities. Looking ahead, any significant developments in global markets during the extended weekend could act as a key catalyst in shaping the intermediate trend for domestic equities in the coming week. Therefore, traders are advised to closely monitor global cues and macro developments. Meanwhile, thematic sectors continue to drive market action and are likely to remain the preferred avenue for domestic participants seeking relative outperformance.
Stocks to Buy: Recommendations by Angel One
KOTAKBANK
View: Bullish Last Close: ₹409 KOTAKBANK has staged a strong recovery over the past few weeks, decisively reclaiming its 20-day EMA following a prolonged corrective phase. The stock has recently surged above its 200-day EMA, supported by positive crossovers among shorter-term moving averages, indicating strengthening momentum. Furthermore, the formation of a bullish flag pattern on the charts, backed by supportive technical indicators, reinforces the constructive outlook and suggests the potential for further upside in the near term. Hence, we recommend to BUY KOTAKBANK around ₹405-400 | SL: ₹382 | TGT: ₹435-440
INOXGREEN
View: Bullish Last Close: ₹204.15 INOXGREEN has witnessed a strong resurgence from the ₹135 zone, marking a notable recovery and reclaiming key moving averages across multiple timeframes. The stock appears to be forming a bullish Inverted Head & Shoulders pattern and has recently broken above its immediate swing high. Furthermore, multiple positive EMA crossovers reinforce the improving technical structure, indicating a favorable outlook and strengthening bullish momentum. Hence, we recommend to BUY INOXGREEN around ₹200 | SL: ₹185 | TGT: ₹220-228 Disclaimer: This article is by Osho Krishan, senior analyst-technical & derivatives, Angel One Ltd. Views expressed are his own. (Disclosure: Entities controlled by the Kotak family have a significant holding in Business Standard Pvt. Ltd.)
