Bears continue to take control, with Nifty50 seeing selling pressure around the 18,300-18,350-resistance zone.
Options data showed a hurdle at 18,300, with the highest open interest built a day before the monthly expiration.

The support below the index is located at 18200-18150 points, providing a buffer for the bulls. The bulls need to break the 18,350 level decisively to continue the upward momentum towards the 18,500 level.

The Bank Nifty Index continued to outperform as the index managed to hold the key support zone of 42,500-42,400. The index faces upside resistance at 43,000, with the highest open interest built on call options.

If the support mentioned above is held, the bank stock index will continue to be in the bargain-hunting mode. The momentum oscillator is in the buy zone, which will confirm the index’s strength.

Fertilisers and Chemicals Travancore: Buy | LTP: Rs 142 | Stop-Loss: Rs 133 | Target: Rs 148-153 | Return: 8%

The stock on the daily bar chart has broken out strongly from a heavy volume consolidation range. Its momentum oscillator is in a strong buy zone, confirming the stock’s strength.

Momentum will likely continue to break out, which will help the stock climb upwards towards Rs 148-153 levels. The lower support zone of Rs 135-133 will act as a buffer for the bulls.

Apollo Hospitals Enterprises: Buy | LTP: Rs 4,605 | Stop-Loss: Rs 4,400 | Target: Rs 4,800-4,900 | Return: 6%

Apollo Hospitals on the daily bar chart broke out strongly from a sideways trend on increased volume. The F&O data also indicated fresh long positions emerged as open interest and prices rose.

The momentum indicator RSI also forms a positive cross on the daily chart, confirming a buy signal. Downside support is at Rs 4,400, which will act as a buffer for the bulls, while upside, the visible target is Rs 4,800-4,900.

Aditya Birla Capital: Buy | LTP: Rs 129 | Stop-Loss: Rs 123 | Target: Rs 135-140 | Return: 8.5%

The stock retested the support area after its recent breakout and resumed its uptrend on heavy volume. The momentum oscillator RSI also forms a positive cross on the daily bar chart, confirming a buy signal.

The stock saw short covering in the November series while adding fresh longs in the December series, suggesting a rollover next month.