Ashish Kyal, the Founder and CEO of Waves Strategy Advisors, has expressed optimism about Kiri Industries and Carborundum Universal for the upcoming week.
Kyal believes that Kiri Industries may experience an upward momentum due to a rounding bottom pattern on the weekly chart.
On the other hand, Carborundum Universal is currently facing resistance but has seen increased trading volumes, which Kyal sees as a positive sign.
In his analysis of the Bank Nifty, Kyal emphasizes the significance of the 200-day Exponential Moving Average (EMA) as a support level.
The index recently reached a low of 49,900, aligning with this crucial support.
If the index falls below this level, it could indicate a breakdown and potentially lead to a decline to 48,500.
Kyal warns that such a movement could cause panic in the markets as the Bank Nifty approaches a critical point, possibly entering wave C or wave 3 on the downside.