Kotak Securities flags short-term buying opportunities in Swiggy and PB Fintech
As geopolitical tensions and elevated crude prices induce market indecision, technical analysts are pinpointing specific equities poised for near-term momentum.
Indian equity indices posted marginal gains on Wednesday, with the Sensex rising 0.17 per cent to 77,185.43 and the Nifty 50 advancing 0.11 per cent to 24,078.50. This muted performance reflects growing investor caution amid escalating US-Iran tensions and persistently high crude oil prices.
Market technicians observe a Doji candle on daily charts, signaling a standoff between buyers and sellers. Amol Athawale, Vice-President of Technical Research at Kotak Securities, identifies 24,200 as the immediate resistance level for the Nifty 50, with 24,000 acting as critical support.
A decisive move above 24,200 could propel the benchmark index toward the 24,300 to 24,350 range. Conversely, a breach of the 24,000 threshold may trigger fresh selling pressure, potentially forcing a retest of the 50-day simple moving average near 23,750 to 23,800.
Selective Equity Opportunities
Against this broader market consolidation, Athawale recommends three equities for short-term holding periods of one to two weeks. Swiggy is exhibiting a bullish continuation pattern following a recent period of consolidation, suggesting renewed upward momentum.
The food delivery company’s share price must sustain above ₹260 to confirm the bullish trend. Maintaining this level could drive the stock toward a near-term target of ₹290.
PB Fintech has also emerged as a tactical buy after breaking out of a prolonged range-bound trading phase with supportive volume. Strengthening relative strength index (RSI) momentum indicates potential for further upside from current valuations.
Traders are advised to monitor ₹1,555 as the key support level. Holding above this floor would keep the upward trajectory intact, with a projected target of ₹1,730 in the coming sessions.
Bank of India presents a third opportunity, having formed an inverse head and shoulders pattern on the daily chart. The stock is currently testing its neckline resistance, accompanied by rising volume activity that hints at a fresh leg of upward momentum.
For positional traders, ₹139 serves as the decisive threshold. A close above this level supports a continued advance toward ₹155, whereas a drop below it would warrant an exit from long positions.
