India VIX was down 7.37% from 11.53 to 10.68 last week, and lower volatility is supporting the bulls at record-high levels. Now till it holds above 19,333 zones, this rally can extend towards 19,750 and 20,000 zones, while on the downside, immediate support exists at 19,420 and 19,333 zones. The major trend is positive, and supports are gradually shifting higher, indicating the ongoing strength of the market. It has rallied by more than 2,700 points in last four months. Nifty index has formed a bullish candle on weekly scale and has been forming higher highs for the last sixteen weeks. Power Grid Corp could spring some bounce back up to Rs 250-260 as it is heavily oversold.ĪNALYST-DERIVATIVES, MOTILAL OSWAL FINANCIAL SERVICES Metals can see high momentum moves, especially Tata Steel, which has given a breakout and is headed for Rs 125 target. Expect Rs 1,000-1,040 in this round of up-move. ICICI Bank could now take the leadership amongst private banks. Bajaj Finance is the ideal candidate for a reversal as it defended its 20-EMA and also nearly filled the gap on the daily charts. Investors can look to add longs in dips, if any or look at banks and financials for rebound trade.
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