Podcast | Stock picks of the day: Bank Nifty could move towards 31,000-31,200 levels
We expect the current market momentum to carry forward, which could lift the Nifty towards the 11,700-11,720 levels. It was 'bull's day out' on July 11 as Nifty staged a smart comeback amid all-round buying momentum in scrips across sectors. The Nifty found support around its 100-DMA of 11,450 and then bounced back. The index also created higher lows for the third consecutive day, which is another positive development. Going forward, we expect the current market momentum to carry forward, which could lift the Nifty towards the 117,00-11,720 zone, also its 50-DMA resistance. The Bank Nifty found support around its 50-DMA, which stood at 30,600. The index has managed to hold above the rising trendline support zone of 30,400, which indicates that the higher top-higher bottom structure continues to remain intact. Going forward, the Bank Nifty has the potential of moving higher towards 31,000-31,200 in the near term. Support is seen around the 30,400 ma...