“On the technical front, the key resistance levels for Nifty 50 are 17,850 followed by 18,000 and on the downside 15,000 followed by 17,350 can act as strong support. Key resistance and support levels for Bank Nifty are 39,000 and 38,000 respectively,”.
Sensex / Nifty Future
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Nifty Head towards 18,200 in Coming Months [02-02-2022]
We believe the risk-reward has turned favourable for long term investment as majorpart of the price wise correction (8%) is already over. Therefore, investors should use the current volatility in the markets to accumulate qualitystocks as we expect the Nifty to surpass the immediate hurdle of 17600 and eventually headtowards 18200 in coming months.
Sensex, Nifty Open Higher; Banking Stocks Lead Advance
India’s stock benchmarks advanced, aided by gains in telecom, banking, power stocks, amid recovery in U.S. equities as Federal Reserve officials favoured measured policy tightening.
Nifty Accumulate longs with the stop loss of 17100 [01-02-2022]
Our advise is to accumulate longs with the stop loss of 17100 levels. On the higher side 17400-17500 level will act as a resistance where we have seen Call writing. Any close above 17500 level would result into further short covering which might push Nifty to even 17650-17700 levels.
Sensex, Nifty Open Higher Ahead Of Budget 2022
India’s stock benchmarks opened higher, ahead of federal budget due to be presented in the parliament by Finance Minister Nirmala Sitharaman at 11 a.m., aided by information technology, banking, metal and realty stocks. The rise comes amid rebound in global equities due to positive spillover effects from the technology-led rally in the U.S.
Impact on Nifty 50 fundamentals if IOCL exits Nifty 50
- Impact on Nifty 50 fundamentals if IOCL exits Nifty 50‘Look through earnings’ of the NIFTY 50 index will drop as IOCL’s expected free float earnings for FY22 stands at Rs 51 bn or 8x of Apollo Hospitals FF earnings.
- FY23 P/E of the NIFTY 50 index will increase by 1.3% as Apollo Hospitals’ FY23 P/E stands at 51x vs IOCL’s FY23 P/E of 6.3x.
- FY23 RoE will expand marginally to 14.9% from 14.8% post changes while growth profile for FY23 will improve to 18.4% compared to 18%.
~ ICICI Direct
Nifty 17600 possible if index holds above 16800 post Budget
Key thing to monitor in the next week is that Nifty holding above 16800 post the Union Budget 2022 amid oversold conditions would open the doors for a technical pullback towards 17600.