The market traded in a range last week amid weak macro data, but inline performance of India Inc helped the Nifty close near its crucial support of 11,900.
Sudarshan Sukhani of s2analytics.com recommends buying Bajaj Auto with stop loss at Rs 2998 and target of Rs 3058, HCL Tech with stop loss at Rs 1010 and target of Rs 1048 and HDFC Bank with stop loss at Rs 2238 and target of Rs 2275.
Sudarshan Sukhani of s2analytics.com recommends buying Bajaj Finance with stop loss at Rs 2810 and target of Rs 2850, Pidilite Industries with stop loss at Rs 1168 and target of Rs 1192 and UPL with stop loss at Rs 902 and target of Rs 926.
Elara said NBFCs are expected to bear the brunt of tightening liquidity, down 18.6 percent YoY, whereas banks would benefit, up 69 percent YoY, due to improving credit deposit ratios and improvement in pricing power, given the stress in the NBFC space.
We believe that the stock is likely to continue with its positive momentum and head towards Rs 1550 in the medium-term, says Dharmesh Shah of ICICIdirect.com.
The weekly 14-periods RSI has been inching upward after recently recording bullish crossover, indicating an acceleration of positive momentum in the short term, says Dharmesh Shah of fICICIdirect.com Research.
In the current scenario, as the Nifty has already corrected in the last two sessions, we expect the index to maintain the rhythm and the current corrective consolidation to mature in the coming 1-2 sessions
Among momentum oscillators, the weekly stochastic oscillator has been inching upward after recently recording bullish crossover, indicating acceleration of positive momentum in the short term.
Dharmesh Shah of ICICIdirect.com does not expect the Nifty to breach its immediate support of 10,200
We recommend investors to accumulate ABB in the range of Rs 1,390-1,423 for the upside target of Rs 1,540, and a stop loss placed below Rs 1,360, says Nandish Shah of HDFC Securities.
Rajesh Agarwal of AUM Capital recommends buying Can Fin Homes with stop loss at Rs 252 and target of Rs 274 and Lakshmi Vilas Bank with stop loss at Rs 82 and target of Rs 90.
Nandish Shah of HDFC Securities advised investors to go long in Nifty with a stop loss of 10,800 levels
In the current market scenario one should avoid leveraged positions and investors should diversify their portfolios, said Ajay Jaiswal of Stewart & Mackertich Wealth Management
Rahul Mohindar of viratechindia.com is of the view that one can sell Tata Consultancy Services with target of Rs 2085 and stop loss at Rs 2085 and buy Dr Reddy's Laboratories with target of Rs 2680 and stop loss at Rs 2460.
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
The approach of having a decent mix of debt and equity in one’s portfolio is an important thing to balance the repercussions arising out of unstable times.
We recommend buying ABB for the upside target of Rs 1,480, keeping a stop loss below Rs 1,300, says Nandish Shah of HDFC Securities.
We believe that the short-term trend for Nifty is bearish and could see downside levels of 11,340 and 11,200. A Stop loss in Nifty shorts should be kept at 11,620.
The sharp up move in the last three sessions from the support area has seen the index almost testing their embarked target of 11,600.
Rupak De of Bonanza Portfolio said the Nifty may find support at the lower band of the rising channel which is currently pegged around 11,450. “On the higher end, 11,600 and 11,660 are likely to act as immediate resistance.”
Sector rotation is likely to continue further. At current stage derivative data indicates a bullish scenario to continue with Nifty having multiple strong supports at lower levels at 11500 & 11400 spot levels.
Traders can accumulate the stock in the range of Rs 1,230-1,240 for the target of Rs 1,370 and a stop loss can be placed below Rs 1,182.
A decisive fall below 10,550 may induce a correction towards 10,330 levels. On the other hand, a short term pullback may be seen in the market if the Nifty moves decisively above 10,620 levels.
Ruchit Jain of Angel Broking advises buying Godrej Consumer with a target of Rs 1091.
Ashwani Gujral of ashwanigujral.com suggests buying Shriram Transport, Indraprastha Gas and ABB.