Nifty Faces Key Triggers This Week

Last week, the Nifty closed at 23,897 points, while the Bank Nifty ended at 57,369. Markets are likely to face several key triggers this week, with the Hormuz crisis pushing Brent crude to $92–95 a barrel, US bond yields rising to 4.79%, and continued net selling by FIIs adding pressure. Technically, 23,780 is seen as a key support level for the Nifty, while 24,030 remains the major resistance level.

The rise in crude prices could weigh on oil marketing companies and the auto sector. On the other hand, metals, private banks and pharmaceutical stocks may remain relatively stronger with defensive support. Among the stock recommendations, Tata Steel has corrected nearly 20% from its lifetime high and found support around its previous resistance zone. After strong volumes in the last four sessions, the stock closed at ₹188 on Friday. Investors can consider entry above ₹185 with targets of ₹210 and ₹215, while ₹182 can be maintained as a strict stop-loss.

Hyundai Motors, which delivered a 38% return from April to the end of August, has witnessed a minor pullback and is finding support near its moving averages. It closed at ₹2,205 and can be considered above ₹2,180 for a target of ₹2,300, with a stop-loss at ₹2,150. Kalyan Jewellers, which gained 86% in July, is currently in consolidation and closed at ₹598; entry above ₹580 is suggested for a target of ₹660, with a stop-loss at ₹550. Exide Industries closed at ₹424, with ₹425 suggested as the entry level, ₹490 as the target and ₹405 as the stop-loss. Jindal Steel, which gained around 14% over the last two months, closed at ₹1,165 and can be considered around ₹1,150 for a target of ₹1,280, with ₹1,120 as the stop-loss.