Hello reader, hope you’re doing well. Early trades on Wednesday indicate that markets are on an upward trend, buoyed by positive performance in US and other Asian stock markets. Despite a slow finish on Tuesday, foreign institutional investors (FIIs) showed confidence in the Indian economy by purchasing local shares. The upcoming US inflation data for April is closely watched as it may provide clues on the Federal Reserve’s decision regarding interest rates. However, it’s worth noting that Nifty might face difficulty in surpassing the 18350 level.
Important points to note:
- 18200 levels to act as key support for Nifty today.
- Banknifty to see a good support at the 43000 zone, we can see a good retest of 200 MA on the 5 min chart on intraday, around 43250 levels.
- PSU banks still facing a good amount of profit booking, good to stay away from this basket for a little longer, atleast until 3800 levels on the index.
- Ambuja cements geared up for a breakout, can see very good upside above 415 levels, charts shared below –
- Similarly, India cements is also poised for a breakout above 200 levels, charts shared below –
As always, risk management is key, and a proper system in place prevents one from losing out too much, in case of outlier events. Have a good trading day, and may the force be with you!
Disclaimer: this post is for educational purposes only, we are not SEBI registered analysts. Trades mentioned here are not trade recommendations. Equity Investments are subject to 100% market risk, please consult your financial advisor before investing.