3330: Hot Stocks | Balrampur Chini Mills, Pfizer, Bajaj Finance 3 trading ideas for short term
The levels of 14,900–15,000 continue to remain a sturdy wall for Nifty and until we surpass it, major heavyweights may not give any sustainable up-move.
On the lower side, 14,700 followed by 14,550 are immediate supports. The deciding factor in days to come has to be the financial space.
For the last couple of weeks, the banking index has been hovering around its strong support zone of 32,200 – 32,400 which is the breakout point of the Budget day as well as the 89-day exponential moving average.
It has managed to hold this till now and if any recovery has to take place, there will not be a better point than this.
But, if any bottom (short or long-term) is formed, bulls may not get many opportunities to make a comeback.
The more it challenges any particular support, the higher it creates the possibility of breaking it.
Hence, all eyes would be on this space as it is likely to dictate the near-term trend of the market.
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