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The frontline indices are expected to see further consolidation in upcoming sessions before potentially entering a new leg of the uptrend. Below are some short-term trading ideas to consider.
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The overall market structure remains bullish as long as Bank Nifty remains above the 46,300 mark.
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Carborundum Universal has also decisively broken consolidation range and formed bullish candlestick pattern with making higher high higher low formation. The stock ended at record closing high at Rs 1,116, up 3.6 percent with above average volumes and traded above all key moving averages since April.
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ITC has been in a strong uptrend since February last year and after a brief consolidation of 2 months, the stock looks ready for the next upmove.
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Carborundum Universal took strong support at 20-month SMA and sustaining at 11-month high. This shows overall bullish undertone of the prices.
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The overall structure of Schneider Electric Infrastructure is very impressive, as it is trading above all its important moving averages.
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The Nifty50 index is now more than 18 percent up from its June lows and is gradually gathering steam to reclaim 18,000 mark with crucial support at 17,500, experts said
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In last couple of sessions, the oversold US market rebounded, which provided a much-needed trigger for Nifty to come out of the recent congestion phase
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As the market seems to have the comfort of valuation now, it is time to lap up quality stocks, analysts point out.
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After March quarter earnings and recent correction in stock prices, many stocks got an upgrade in rating from brokerages
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The road ahead for the market is bumpy and a lot will depend on the course of coronavirus pandemic. Moreover, global cues and measures of governments and central banks will remain important factors for the market.
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A sustained trade above 11,264 can trigger a pullback taking it to levels of 11,600-11,750. However, failure to hold support levels of 11,265-11,260 can extend Nifty to 11,200-11,175, says Aditya Agarwala of YES Securities
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Here is a list of top 12 wealth-creating ideas by experts with a time horizon of next 2-3 years.
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Overall benchmark indices have been in a tight range and that rangebound or consolidation is expected to continue in short term, experts suggest.
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Ashwani Gujral of ashwanigujral.com is of the view that one can buy DLF, Carborundum Universal, NALCO and Bharti Infratel and can sell UPL and LIC Housing Finance.
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Bharti Infratel continued its dominant form from last week as the stock was the most active gainer in the Nifty, gaining over 2.47 percent followed by Vedanta and Tata Motors which were up 2.12 percent and 1.71 percent respectively.
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Mayuresh Joshi of Angel Broking is of the view that one may buy Carborundum Universal on declines.
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Sumeet Jain of Destimoney Securities is of the view that one may buy India Cements with a target of Rs 234.
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The brokerage firm says that even on assuming only 12 percent Nifty earnings growth in FY18 due to spillâ€over of demonetisation, valuations are factoring much damage at price to earnings (PE) of 17 times.
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Morgan Stanley is underweight on SBI with target at Rs 200 per share as five banking subsidiaries reported weak earnings and earnings may be weak in FY17 & FY18. It expects NIM to remain subdued for longer.
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Ashwani Gujral of ashwanigujral.com recommends selling Coal India and advises buying Carborundum Universal and Kalyani Steel.
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Parag Thakkar of HDFC Securities is of the view that one may pick Tata Motors DVR, Vinati Organics and Carborundum Universal.
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Ashwani Gujral of ashwanigujral.com recommends buying Punjab National Bank, Carborundum Universal and Jubilant Foodworks.
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Ashwani Gujral of ashwanigujral.com is of the view that one can buy Carborundum Universal, Dena Bank and SREI Infrastructure.
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Ashwani Gujral of ashwanigujral.com is of the view that one can buy Dr Reddy's Laboratories at around Rs 2700-2750.
