In the current month, we have seen Nifty form a lower low for the first time since March 2020.

On the weekly timeframe, we can see that the index has moved below the 20-week simple moving average (SMA) for the first time since June 2020.

On the option open interest front, huge participation and open interest addition are seen at 14,500 calls.

On the Put side, open interest addition is seen at 13,550 strike. So, going ahead, we can expect the broader range of the Nifty to be between 14,500-13,550.

MACD plotted on the weekly timeframe can be seen forming a bearish crossover and is moving towards the zero line, indicating the strong bullish trend has halted for the time being.

The RSI is moving lower towards the 50 marks which indicates the presence of bearish momentum.

Going ahead, 14,190 will act as a make-or-break level. If prices break below this level, we might see the index move lower towards 14,000, followed by 13,658 (38.2 percent retracement level of the rise from 10,791-15,431).

On the upside, 14,630 (20-day SMA) is the level to watch out for. If the index manages to move above this level, we might see it move higher towards 14,930-15,000 and eventually towards 15,220.

Here are two buy calls for the next 2-3 weeks:

Apollo Hospitals | LTP: Rs 3,239.45 | Target price: Rs 3,820 | Stop loss: Rs 2,980 | Upside: 18%

This stock, on the weekly timeframe, can be seen moving out of a 9-week long consolidation. This breakout is backed by above-average volume, indicating participation as the prices move higher.

On the daily timeframe, we can see the stock moving between the upper Bollinger band and the 20-day SMA.

The MACD plotted on the daily and the weekly timeframe can be seen moving higher, indicating the presence of bullishness in the trend.

The RSI placed above the 50 mark and moving higher indicates the presence of momentum in the bullish trend.

Going ahead the key resistance is placed at Rs 3,425, followed by Rs 3,599 and eventually towards Rs 3,820.

The key level to watch out for on the downside is Rs 3,088 (multiple touchpoint level), followed by Rs 2,980.

Looking at the price action and the technical parameters mentioned above, we expect the prices to move higher towards Rs 3,425, followed by Rs 3,599 and eventually towards Rs 3,820.

If the prices manage to sustain below Rs 3,088, we might see the stock move lower towards Rs 2,980.

One can buy the stock at the current levels and add on dips till Rs 3,088 with a target of Rs 3,425, followed by Rs 3,820.

Jindal Steel & Power | LTP: Rs 441.80 | Target price: Rs 514 | Stop loss: Rs 406 | Upside: 16%

Jindal Steel, for the past couple of months, has been forming a higher high higher low pattern.

On the weekly timeframe, we can see the stock tested a fresh 52-weeks high of Rs 436 on April 20, 2021.

This up move was backed by above-average volume, indicating participation as the prices move higher.

MACD plotted on the weekly and the daily timeframe can be seen moving higher, indicating the presence of bullishness in the trend.

RSI plotted on multiple timeframes is placed above the 50 level and is moving higher, indicating the presence of momentum in the bullish trend.

Going ahead, key resistance is placed at Rs 465, followed by Rs 514.

The key level to watch for on the downside is Rs 410-406, followed by Rs 384.

We expect the prices to move higher towards Rs 465, followed by Rs 514.

One can buy the stock at the current levels with a target of Rs 465, followed by Rs 514.

(The author is a technical analyst at GEPL Capital)

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