Bikaji Foods saw a horizontal trendline breakout on the daily scale, confirmed by robust volume. Additionally, a substantial bullish candle was formed on the breakout day, adding strength to the breakout.
The index has successfully held above the pivotal 19400 zone, a crucial factor in maintaining the current bias and sentiment. As per analysts, once a decisive move beyond the 19650 zone is established, a clear directional shift with conviction is anticipated
The overall trend in Bank Nifty as per analysts is likely to remain positive, contingent on its ability to sustain levels above 43750 for an upward movement towards 44250 and then 44444. On the downside, support is identified at 43500, followed by 43333 levels.
As per analysts, aggressive writing is visible in both Call and Put ATM strikes from 19,300 to 19,500 for the coming weekly expiry. Considering a shortened trading week, a narrow range-bound move cannot be ruled out in the headline indices
Kapil Shah, a technical analyst at Emkay Global, recommends accumulating the stock in the Rs 780-765 range with a stop loss of Rs 735 on a closing basis. He expects the stock to rise to Rs 860