is also trying to get support around 55,000 which is the immediate put-based concentration," says Rajesh Palviya, Axis Securities.

So, looking at the setup, market is taking little breather at this juncture as the call concentration of 25,000 is not able to breach by the market decisively. So, until Nifty crosses above 25,000 level, some consolidation is likely to be there. But on the downside 24,800 is likely to act as a major support area as the major put-based concentration is taking place in range of 24,800 to 24,900.

So, these levels are likely to act as a good support area. So, maybe couple of days we may see consolidation in a tight range of 24,800 to 25,000. Either side breakout or breakdown will decide the major direction for the Nifty. Bank Nifty is also trying to get support around 55,000 which is the immediate put-based concentration.

So, till we are holding above 55,000 for Bank Nifty, there is a possibility that some buying interest would again emerge in this Bank Nifty and once we are able to take out above 55,300 level, we may see some short covering action in Bank Nifty. But again, looking at the constituents of the Bank Nifty, they are also in the consolidation mode.

So, maybe in range of 54,900 to 55,500 would be the range for Bank Nifty for consolidation for next couple of days. Moving to the stocks which we are focusing at this juncture, some buying action has been visible in oil and gas space also, so Chennai Petro is looking attractive from those space. The way stock managed to give breakout of inverse head and shoulder formation on weekly as well as on the daily chart, we believe that this momentum can extend further.
So, Chennai Petro can be looked into buy on a positional perspective. We are projecting target towards 740, keep your stop loss around 655. The second stock which we are focusing is Coal India.

Here also there is a breakout of contracting triangle on the daily chart. Long built-up is there on the derivative data and the way stock managed to give breakout of its previous swing high, we believe that Coal India may extend its gain, possible target towards 435 we may see in the short term, so one can buy Coal India also with stop loss of 409.
Rajesh Palviya: Definitely, metals are in uptrend and if we analyse most of the stocks are moving in up sloping channel. The way most of the largecap stocks from the metal space are placed at this juncture, we believe that here we could see furthermore continuation of up move.

As we look at the Tata Steel, stock is almost now negotiating with its previous swing high which is placed at around 160 level. So, any move above 160 could take this stock further higher to 168 to 170 zone. So, Tata Steel is also looking attractive from this basket and again Hindalco one can focus on this stock also. Here also we are seeing that stock is continuously making higher high, low formation on a weekly chart since last couple of weeks, that clearly indicates that there is a sustained buying action in this counter.

If Hindalco continues to hold above 650 mark, the next target for Hindalco would be around 690, 700 kind of zone. So, metal is a space where one can focus. A lot of opportunities are there. Jindal Steel & Power is also trading above to its short-term breakout level.

So, for positional perspective, this stock is also looking very attractive. On a weekly chart, there is a breakout of contracting triangle and the way stock is placed on the weekly chart, we believe that till stock is holding above 940 level, there is a possibility of another round of up move towards 990 to 1020.

I also want to ask about defence counters where we are looking at profit booking, counters like Cochin Shipyard, Mazagon Dock, Garden Reach, Bharat Dynamics, almost 3% to 7% down. BEL, we saw good results but despite that there is pressure on the counter. Good time to initiate a buy or you think that it is time for profit booking and maybe just give it a bit time to let it cool down and then again you can initiate a strategy, what do you suggest?
Rajesh Palviya: Post this India-Pakistan geopolitical tension, we have witnessed very strong rally in most of the defence stocks, be it HAL, BDL, Bharat Dynamics, BEL, all these stocks have shown very sharp run up in last couple of days.

Those who have bought it for trading perspective, they can book some profit because some cool off action would be there in this counter because very sharp rally we have already witnessed. So, some cool off action would be there. But those who are looking this stock for positional perspective or for medium-term to long-term perspective, they can utilise this decline as a buying opportunity.

Buy in a staggered manner. Most of the stocks are holding above their near-term, short-term breakout out levels. So, if you get another 3% to 4% kind of cool down effect from the current market price should be used as a buying opportunity for positional perspective in all these defence counters.

Our preferred choice in this space would be Bharat Dynamics as well as Bharat Electronics. These two stocks are looking very promising based on their long-term chart structure. So, any decline of another 3% to 4% would be a good opportunity again to re-enter in Bharat Electronics as well as in BDL also.