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[hfe_template id='11223'] [ad_1] The Indian equity markets have shown signs of recovery, with the Nifty rebounding from its oversold trajectory. However, Rajesh Palviya, technicals and derivatives analyst at Axis Securities, cautions that the rally remains fragile unless key resistance levels are surpassed. In an interaction with ETNow, he highlighted the significance of 22,750 as a pivotal level that needs to be breached for a stronger uptrend. "There is a recovery from oversold trajectory of Nifty. But still, we are trading below to 20-day moving average, which is placed at around 22,750 kind of level. So, that level needs to cross in this recovery," he stated. A breakout above this level, he suggests, could fuel"substantial short covering action and then possible extension of rally could be there towards 22,900, even 23,000 level. While the broader market too has shown signs of improvement, Palviya stressed that Nifty must maintain a key support level f...

[hfe_template id='11223'] [ad_1] Traders have built bearish derivative bets on state-owned power sector lenders Power Finance Corp (PFC) and REC promoted by the reversal in the recent bullish momentum in these stocks. On Monday, Power Finance Corp dropped 3.7% to ₹525 and REC declined 2.6% to ₹592. In last five days, the stocks fell around 5% each while the benchmark Nifty shed 1.3% during the same period. Analysts see these stocks falling further as investors are shifting money from recent favourites like PSUs and power stocks to the so-called defensive sectors. "In the last one and a half years, the PSU theme has played out very well, but is now witnessing profit booking," said Hemang Jani, director, Finazenn, an investment advisory. Traders have been quick to pounce on the weakness in these stocks, creating bearish positions in their September futures contracts. "PFC and REC have witnessed addition in open interest with price correction which indicates ...