According to reports from Business Standard, the Nifty has recently consolidated in a broad range of 23,300-23,900 as global factors weigh on market sentiment. The consolidation appears to be a time-wise correction driven by rising bond yields, rising Brent Oil, and depreciating INR. Yesterday's 5% correction in crude prices could provide sentimental positive impact, though sustainability of crude at lower levels and INR reversal remain key factors for short-term directional moves. Technical analysis suggests directional moves will only occur on breakout from this range, with traders advised to focus on stock-specific opportunities.
As reported by Business Standard, Siemens Energy is recommended as a buy with a target price of ₹3,600. The stock has recently given a breakout from a bullish cup and handle pattern, with the neckline resistance now acting as support on declines. Short-term traders can look for buying opportunities in the ₹3,350-3,320 range with a stoploss below ₹3,210. The technical setup suggests the stock is resuming its broader uptrend after the pattern breakout.
According to the report, Manappuram Finance is recommended as a buy with a target price of ₹345. The stock has recently formed a higher top higher bottom structure with gradually increasing volumes along with price movement. Prices are approaching breakout from previous swing high resistance, with the RSI oscillator indicating positive momentum. Short-term traders are advised to buy around the current market price of ₹319 with a stoploss below ₹306.
As reported by Business Standard, Angel One is recommended as a buy with a target price of ₹355. The capital market theme has been outperforming broader markets, supporting a positive sector outlook. The stock recently rallied higher with good volumes before consolidating in recent weeks, maintaining a bullish overall structure. Short-term traders can buy around the current market price of ₹325 with a stoploss below ₹308.
