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Trade Setup for Monday, 22nd April 2024
Nifty is looking Bullish and Gift Nifty also indicating a positive start for Monday, so we can go for Long Trades till 22,300 - 22,350
After giving a solid Recovery last Friday and making a Bullish Piercing line pattern on the Daily Chart of both Nifty and Bank Nifty – which is a Bullish Reversal Pattern, we are looking for more upside this week.
Just in line with our view, Gift Nifty opens on a positive note on Monday, trading 72 points higher at 22,275 at 8:30 AM, indicating a gap-up opening for the Indian Market. Also, Global markets are trading in the green as of now, where DJIA futures are up by 0,21% and Asian markets are also trading in the green including Nikkei and Hang Seng which are up by 0.72% and 2.13% respectively.
Stocks to look out for Today,
Reliance Industries – Results of Q4 FY24 seem to be outstanding, led by Digital and Retail Growth. Also, its core business of OIL and Gas is seeing a recovery where margins have improved from the last quarter, and rebounding in Petrochemicals may lead to robust Q4 for Reliance Industries.
WIPRO – Results of Q4 for Wipro are not promising, as its earnings fell by 8% compared to the previous year’s same period, also its revenue saw a decline of 4% year-on-year. Read more on Mint.
HDFC Bank – HDFC Bank drives solid growth in Q4, basically, everything is good for HDFC except NII and NIM which fell by some minor percentage. On an important note, its retail loan grew by 108% compared to the previous year, also NPA declined to 1.24% compared to 1.26% in the previous quarter. Read more on Mint.
There are more stocks to watch, like Persistent System whose results are also good where its net profit is up by 25.36% on a y-o-y basis.
How to trade in Nifty on Monday, 22nd April 2024
We are looking for an upside trade, as Gift Nifty signals a Strong start on Monday,
So, Here are the lines for today,
If Nifty tries to sustain its opening gains then we can go for long trades where we can target for 22,300 – and 22,400 levels, as there is a resistance visible at 22,300 level, which is kind of a tough resistance zone for Nifty.
But, it it falls below, then wait for it to recover from the previous close to again go after long trades.
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