As the market successfully held the 19,500 level in recent sessions amid Nifty50’s volatility, experts suggest that maintaining this level on a closing basis could lead to a potential rally towards 19,600-19,800. However, a decisive breach of 19,500 might drive the index down to this month’s low at 19,300.
On October 20, the Nifty50 closed 82 points lower at 19,543, forming a Doji candlestick pattern on the daily charts. Simultaneously, the BSE Sensex declined by 232 points to 65,398.
The broader market also faced selling pressure, with the Nifty Midcap 100 and Smallcap 100 indices down 1.1% and 0.8%, respectively, due to weak breadth.
Notable outperformers in the Stock market included Bombay Burmah Trading Corporation, Angel One, and Paytm:
Bombay Burmah Trading Corporation: The stock reached a multi-year high, surging 20% to Rs 1,419 on the NSE with robust volumes. It now trades comfortably above Key Moving Averages and has broken out of a downward sloping resistance trendline, indicating a positive trend. Investors are advised to buy, hold, and accumulate this stock, with an expected upside of Rs 1,600-1,755 and a Downside Support Zone of Rs 1,300-1,150.
Angel One: This stock closed at a record high of Rs 2,343.5, marking a 6.5% increase and continuing an uptrend for the fourth consecutive session. It has formed a long bullish candlestick pattern on the daily scale with strong volumes and has broken out of a falling resistance trendline on the monthly charts. Investors are recommended to buy, hold, and accumulate this stock, with an expected upside of Rs 2,470-2,600 and a downside support zone of Rs 2,190-2,050.
Paytm: The stock closed at an eight-month high of Rs 988, rising 2% on the back of strong volumes, marking the fifth consecutive session of an uptrend. It has formed a bullish candlestick pattern on the daily timeframe and is trading above all key moving averages. Investors are encouraged to buy, hold, and accumulate this stock, with an expected upside of Rs 1,050-1,150 and a downside support zone of Rs 935-925.
These expert recommendations provide insight into potential trading strategies for these stocks in today’s market session.
