Nifty is oversold and holding support; Angel One's Rajesh Bhosale flags 2 stocks to buy right now
Why it matters: Traders are advised to adopt a buy-on-dip strategy for Nifty, focusing on the 22,200-22,400 support zone.
- Rajesh Bhosale notes the Nifty bounced sharply last Thursday, forming a "meeting line" candlestick pattern, a bullish reversal signal reinforced by Monday's intraday support.
- Nifty's strong support zone is identified between 22,400 and 22,200, with a critical upside resistance at 23,000, marking the upper boundary of a falling channel.
- BSE is flagged as a buy due to its RSI holding above 40 during the market decline and a recent range breakout with strong volume.
- RBL Bank is also recommended, having crossed all short-term moving averages in one session, with fresh long formations visible in derivatives data.
Angel One's Rajesh Bhosale identifies the Nifty as oversold but holding critical support between 22,200 and 22,400, suggesting a 'buy-on-dip' strategy. While broader momentum awaits a breakout above 23,000, Bhosale recommends stock-specific buys in BSE and RBL Bank due to their relative strength and recent technical breakouts.
