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Nifty's 23,000 Support at Risk? SBI Securities Flags Key Levels & 2 Stocks to Watch
- •Nifty 50's 23,000 level is a crucial support, but defending it will be challenging without reclaiming key resistance levels, according to Sudeep Shah of SBI Securities.
- •HDFC Bank remains weak, trading below key moving averages; fresh exposure is not recommended until its technical structure improves.
- •Engineers India shows a strong bullish structure after a horizontal trendline resistance breakout, with its bullish bias intact above Rs 270–265.
- •Jubilant Pharmova and Privi Speciality Chemicals are recommended for accumulation, showing renewed bullish momentum and breakout potential.
- •Bank Nifty's ability to defend its weekly low of 55,341 is crucial, with 55,100-55,000 acting as a key support zone.
Key Questions Answered
The 23,000 level is expected to act as a crucial support zone, but technical indicators suggest it may face challenges unless key resistance levels are reclaimed. Nifty has ended lower for seven consecutive weeks, and as long as it stays below 23,300, the risk of a breakdown toward 22,800 remains.
No, it is advised to avoid taking fresh exposure in HDFC Bank until the stock shows a meaningful improvement in its technical structure. The broader trend remains weak as the stock continues to trade below its key moving averages on the weekly chart.
Bank Nifty's ability to defend this week's low of 55,341 is crucial for its near-term direction, though the overall technical setup remains weak with downside risks persisting. The 55,100-55,000 zone will serve as a crucial support area, and a decisive break below 55,000 could accelerate selling pressure.
