The Nifty index remains in a consolidation phase, with Ajit Mishra noting its struggle to surpass the 23,800–24,000 resistance zone for the second consecutive week. The index finds strong support in the 23,400–23,250 range, creating a defined trading band of 600–800 points.
Bank Nifty shows relative strength, gaining approximately 1% and nearing the 54,300–54,350 resistance zone. Mishra advises caution during expiry week, recommending defined-risk strategies like bull call spreads in both Nifty and Bank Nifty.
Stock-specific opportunities are broad-based, with sectors like IT, pharma, healthcare, energy, and auto showing strength. Angel One and Trent are highlighted as potential breakout and accumulation candidates, respectively.
“A sustained move above this level could provide the necessary momentum for further upside in both Bank Nifty and Nifty.”
Ajit Mishra
The pharma sector remains a buy-on-dips opportunity, with stocks like Glenmark, Lupin, and Sun Pharma showing stability. Mishra maintains a positive outlook despite intraday declines.
Overall, the market is in a pause phase with limited directional breakout in indices, but sector rotation and stock momentum offer trading opportunities.
Background
The Indian stock market has been experiencing a phase of consolidation, with major indices like Nifty and Bank Nifty facing resistance at key levels. This period of consolidation follows recent gains, and traders are now focusing on sector rotation and stock-specific strategies.
Looking ahead, traders should focus on range-bound strategies and stock-specific positioning, as the market awaits a potential breakout above key resistance levels.
