Nifty Market Strategy: Key Levels and Stock Picks for May 6
Nifty strategy, May 6: Key levels; L&T Finance, CG Power among top picks
Business Standard
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On May 6, Nifty experienced fluctuations, closing at 24,032 after a drop of 86 points. Key support is at 23,800, while resistance levels are at 24,334 and 24,600. Recommended stocks include L&T Finance and CG Power, both showing bullish patterns.
- 01Nifty closed at 24,032, down 86 points on May 6.
- 02Immediate support level identified at 23,800.
- 03Resistance levels are at 24,334 and 24,600.
- 04L&T Finance recommended with a target price of ₹300.
- 05CG Power recommended with a target price of ₹860.
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On May 6, the Nifty index closed at 24,032, down 86 points from the previous day. The index opened lower and initially declined further, hitting a low of 23,882 before recovering nearly 200 points in the latter half of the session. Nifty has been consolidating around its 50-day Exponential Moving Average (DEMA) of 24,180 over the last six trading sessions. Immediate support is at 23,800, while short-term resistance levels are identified at 24,334 and 24,600. Stock recommendations include L&T Finance, which is advised to be bought at ₹290.50 with a stop-loss at ₹285 and a target of ₹300. The stock has shown a bullish breakout pattern. Another recommendation is CG Power and Industrial Solutions, suggested to be bought at ₹827, with a stop-loss at ₹812 and a target of ₹860. This stock has also demonstrated bullish momentum, supported by increased trading volumes.
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Investors in the Indian stock market may consider these recommendations for potential gains, especially in a fluctuating market.
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