Key Nifty Levels and Stock Recommendations for Today
Trading guide: Check key Nifty levels to watch; two stocks to buy today
Image: Business Standard
The Nifty index is currently consolidating within a narrow range, facing resistance at 23,800 and support between 23,262 and 23,317. Investors are advised to buy Angel One at ₹329 with a target of ₹350, and Care Ratings at ₹1,765 with a target of ₹1,870.
- 01Nifty index has shown indecision with no clear follow-through moves in the last five trading sessions.
- 02Resistance for Nifty is identified at 23,800, while immediate support is between 23,262 and 23,317.
- 03Angel One stock has broken out from a bullish 'Flag' pattern and is trading above all key moving averages.
- 04Care Ratings stock has surpassed a previous swing high resistance of ₹1,788 and broken out from a downward sloping trend line.
- 05Indicators for Care Ratings have turned bullish on the weekly charts, suggesting a strong upward trend.
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The Nifty index has been consolidating within a narrow range over the past five trading sessions, indicating a lack of clear direction and indecision in the broader market. Currently, the index faces strong resistance at 23,800, while immediate support is expected in the range of 23,262 to 23,317. Technical analysis suggests that this indecisive movement may continue unless a significant breakout occurs. For investors, two stock recommendations are highlighted. First, Angel One is suggested for purchase at ₹329, with a stop loss set at ₹315 and a target price of ₹350. This stock has recently broken out from a bullish 'Flag' pattern and is positioned above all key moving averages, indicating potential for further gains. Second, Care Ratings is recommended at ₹1,765, with a stop loss of ₹1,710 and a target of ₹1,870. This stock has surpassed its previous swing high resistance of ₹1,788 and shows bullish indicators on the weekly charts, suggesting a positive outlook for investors.**
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Investors looking to capitalize on market movements can consider these stock recommendations for potential gains.
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