The Nifty declined for the second consecutive day on Thursday, recording 227.7 points to close at 23,639.15, as reported by The Economic Times. The benchmark index fell sharply amid ongoing Iran-Israel/US war tensions, which continued to dent market sentiment. According to Rupak De, Senior Technical Analyst at LKP Securities, the index slipped below the recent consolidation low, heightening weakness amid problems at the Strait of Hormuz. Auto, consumer, and financial stocks were the biggest drags, though commodity stocks saw selective buying action.
Technical analysts have identified key support and resistance levels for the Nifty. As reported by The Economic Times, Rupak De noted that in the short term, sentiment continues to support a bearish view, with sell-on-rise likely to remain the preferred strategy. The RSI indicator is in a bearish crossover and is declining further, entering a zone of significant weakness. On the lower end, support is placed at 23,400/23,200, while on the higher end, resistance is seen at 23,850.
National Aluminium Company (NALCO) shares are trading near an important resistance zone around ₹408–410, according to Bonanza Portfolio analysis reported by The Economic Times. A sustained breakout above this level could trigger fresh upside momentum and signal continuation of the prevailing bullish trend. The stock is trading above all major 20, 50, 100, and 200 EMAs, indicating strong short-term as well as long-term bullish structure. The RSI is around 68, which is above its 14-period RSI average, indicating strong bullish momentum and suggesting the stock may see further upside if it sustains above the breakout zone.
Tata Power has given a strong breakout above the key resistance zone around ₹390–395 with a sharp bullish candle, as reported by Bonanza Portfolio analysis in The Economic Times. The stock has moved above the 20, 50, and 100 EMAs, suggesting improvement in short-term momentum, while holding above the rising trend line support that indicates strengthening bullish structure. RSI is around 67, which is above its average level and trending upward, confirming strong bullish momentum and suggesting the possibility of further upside in the near term.
Technical analysts from Bonanza Portfolio have provided specific trading recommendations for both stocks. For NALCO, the buy recommendation is at ₹409.15 with an upside target of ₹470 and stop loss at ₹378. For Tata Power, the buy recommendation is at ₹402.15 with an upside target of ₹436 and stop loss at ₹385. As per ETMarkets.com, these recommendations suggest potential gains of 15% for NALCO and 8% for Tata Power for Friday trading. These recommendations are based on strong technical signals and bullish momentum indicators despite the broader market decline.
