Indian stock market: Nifty faces selling pressure, Bank Nifty defends crucial support
The Indian stock market saw the Nifty index struggling to sustain above the key level of 22500, facing continuous selling pressure throughout the trading session. A dark cloud cover pattern on the daily chart indicates a potential bearish reversal, with immediate support at 22300 and a possible further decline towards 22000 if this level is breached. On the upside, the level of 22500 is likely to act as a technical resistance for the Nifty.
Meanwhile, the Bank Nifty index managed to defend the crucial support at 48000 despite facing selling pressure from higher levels. The bullish sentiment remains intact as long as the index stays above this level, with significant open interest on the put side. The immediate hurdle for the Bank Nifty is at 48600, and a clear breakthrough above this level could lead to new all-time highs in the index.
For investors looking for potential buying opportunities, analysts recommend considering stocks like Housing And Urban Development Corp Ltd, Deepak Nitrite Ltd, and City Union Bank Ltd. These stocks have shown positive technical indicators, including breakout patterns, bullish momentum crossovers, and strong support levels, making them attractive options for traders.
It is important to note that the views and recommendations mentioned in the article are those of individual analysts and experts, and investors are advised to consult with certified experts before making any investment decisions.
