The technical analyst expects the Nifty to turn bearish below 16,555; whereas on the upside sees resistance around 16,927 and 17,040 levels.
BSE stock is decisively claiming new all-time high; CDSL broke out of Double-Bottom formation, while IEX has witnessed an Inverse head and shoulder breakout.
Banking shares have bounced back strongly in trades on Thursday amid hopes of a peace deal between Russia and Ukraine on planned diplomatic talks.
It would be advisable to trade longs with trailing stop loss. Support for the index is seen at 15,800.
With Nickel, Gold and wheat also hitting multi-year highs like Crude Oil, these five commodity related shares are likely to witness strong gains, indicate charts.
Similarly, the Bank Nifty may shed another 7 per cent to 30,500-31,000 levels.
ONGC is set to gain another 12 per cent in the upcoming sessions, while other oil related stocks show weakness.
The Nifty Auto index has broken key support levels, and looks weak on the weekly charts indicating a downside of 5 per cent.
Mehul Kothari of Anand Rathi recommends accumulating Wipro as it nears 560-570-mark
The derivative analyst from HDFC Securities recommends buying CHAMBAL FERT March 400 CALL at Rs 13.50 & simultaneously selling 420 CALL at Rs 7.50.
Pfizer is near its long-term support, which it has defended for the last five years. A rebound can trigger a 10 per cent upside for the stock.
MOSL expects profitability to recover further in January-March quarter (Q4FY22) led by strong e-auction premiums, which breached the 100 per cent mark after 12 quarters in Jan-Feb.
The price hike may spark a bullish rally in dairy-related stocks like Hatsun Agro Product, Heritage Foods and Parag Milk Foods indicate charts.
Coal India, GNFC, Cholamandalam, Fine Organic and Hitachi Energy can easily provide up to 14 per cent upside, indicate charts.
SpiceJet, Berger Paints and BPCL look weak on charts, while ONGC could gain another 4-8%.
Traders should opt to stay on the sidelines as this is an event-driven volatility, and wait for a decisive confirmation
The average daily swing for the NSE Nifty 50 index was 1.45 per cent, the highest in the last 10 months.
13 stocks from the Nifty Midcap index and 18 from the Nifty Smallcap index hit fresh 52-weeks lows during the current week
40 per cent correction in Godrej Property should see a smart 11 per cent jump now, technical charts suggest
The technical analyst expects the overall trend for the market to remain choppy, with the NSE Nifty likely to face resistance around 17,639 and 17,794.