The Nifty Bank index closed 0.24% lower at 53,409, reflecting continued consolidation amid weak follow-through buying in the banking space. According to SAMCO Securities, the index continues to trade below its 10-DEMA placed near 54,120 and remains trapped around the crucial 53,300-53,700 zone. The banking sector's negative bias is attributed to gradual loss of upward momentum, with every pullback rally facing supply pressure near resistance levels. The RSI hovering near 41 indicates subdued momentum and limited strength in ongoing recovery attempts, while the inability to reclaim the 20-DEMA and key retracement levels suggests a cautious market structure with mild negative bias.
As reported by the recommendation, Ashok Leyland is showing stability near the crucial ₹150 support zone with a buy recommendation in the ₹153-150 range and stop loss at ₹145. The technical setup includes the 78.6% Fibonacci retracement level, completion of the AB=CD pattern at 100%, and the 1.618 external retracement level coinciding at this support zone. The MACD indicator is gradually losing downside momentum, indicating fading selling pressure and improving price stability. Despite the broader market weakness, Ashok Leyland's technical setup remains intact with strong support levels providing a defensive position for investors.
According to the technical analysis, Bikaji Foods International is witnessing stability near the important ₹640-650 support zone with a buy recommendation in the ₹660-650 range and stop loss at ₹635. The support zone aligns with the 61.8% Fibonacci retracement level, completion of the AB=CD pattern at 100%, and the 1.27 external retracement level, creating a strong confluence support setup. Both MACD and DMI indicators are showing positive signals, reflecting improving momentum and strengthening price structure. The stock's technical setup remains robust despite the challenging market conditions affecting other sectors.
As reported in the recommendations, Waaree Energies has witnessed a healthy correction after the recent rally and is approaching a crucial support zone near ₹3000 levels with a buy recommendation in the ₹3050-3000 range and stop loss at ₹2800. The technical setup includes the 50% Fibonacci retracement level along with the 200 EMA support on the daily chart, creating a strong confluence demand zone. The stock has been identified as having potential for a fresh upside move in the coming sessions, despite the broader market consolidation affecting banking and other sectors.
In a significant real estate investment development, WSB Partners has forayed into tier II markets with a ₹75 crore investment in Omaxe Group. The funding is against residential plotted projects in Ujjain and Indore, two high-growth Tier II markets benefiting from strong demand fundamentals and ongoing infrastructure development. The capital will be primarily utilised as growth capital, alongside a portion allocated toward working capital and reserves. This investment, undertaken alongside affiliates of WSB Partners and co-investors, reinforces WSB's continued focus on partnering with established developers to capitalise on opportunities in high-growth Tier II and III markets.
Following the WSB investment announcement, Omaxe Limited shares showed mixed trading activity with the stock last trading at ₹75.00 on BSE compared to the previous close of ₹75.13. The stock experienced a trading range between an intraday high of ₹75.71 and low of ₹73.84, with a total turnover of ₹515942.00 during the day. The investment involves residential plotted projects in Ujjain and Indore, two markets benefiting from strong infrastructure development and improving affordability trends.
