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Rangebound trading is expected to sustain in the upcoming sessions until the frontline indices give a strong close above all key moving averages. Below are some trading ideas for the near term.
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The sentiment remains bearish, but considering the severe fall last week, consolidation and range-bound trade are possible. Below are some trading ideas for the near term.
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Experts expect the Nifty 50 index to take support at the 22,600-22,500 zone, and above these levels, there is a possibility of a resumption of the upmove towards the 23,000 mark. However, below 22,500, a sharp downward move can't be ruled out.
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The market is expected to consolidate in the coming sessions, though the overall trend remains in favour of bulls.
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For the Nifty, support is at 21,900-21,850 and, below this, the bears will have a wider room to run riot. The index may face resistance at 22,200-22,300. A decisive close above the zone can take it to record highs, say experts.
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if the said level get decisively broken on the higher side, then 19,500-19,600 can't be ruled out, whereas on the lower side, 19,000-18,900 is likely to be a key support zone, experts said
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The ratio charts of JK Lakshmi Cement against benchmark Index Nifty is rising which illustrates the clear outperformance of the stock.
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Atul Auto is trading at an all-time high, which demonstrates the strong upward momentum of the stock. After testing the neckline of a Rounding Bottom pattern, the stock experienced an upward bounce. The breakout occurred on October 10, 2022.
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Action Construction Equipment is coming out of 11 days of consolidation with heavy volume followed by a breakout of the Bullish Inverse Head & Shoulder formation. The overall structure of the counter is very classical on the daily chart.
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Trend of Action Construction Equipment is positive as it is trading above its important moving averages. Plus DI is trading above Minus DI while ADX line is placed above 25, indicating stock is likely to gather momentum in the coming days.
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Oscillators on the higher timeframes indicated the sentiments are positive, but the lower timeframes (one hour and below) indicated negative sentiments which can be a sign of overbought and hence some setback can't be ruled out especially after 4 percent run up last week and 10 percent rally from June lows, experts said
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Experts remain hopeful of a rebound as the Nifty has been defending 16,800-16,900 on a closing basis for almost 10 sessions despite high volatility
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Indicators and oscillators like RSI, DMI and MACD have been showing strength in the current up move in Bandhan Bank. The relative strength of the stock is high as compared to other banking stocks
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Generally, it is believed muhurat trading brings prosperity and wealth throughout the year. It takes place on the Laxmi Pujan day for an hour in the evening.
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The stock price has recently taken support on its 200-week Exponential moving average and reversed north.
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"The Nifty has taken support around its major moving average of 200 SMA i.e. 10,160 levels which might work as strong support zone in near term. Sustenance trade below 10140 marks may drag Index further lower till 9,900-10,000 zones," says Rajesh Agarwal of AUM Capital.
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In an interview to CNBC-TV18's Anuj Singhal and Reema Tendulkar, SP Tulsian of sptulsian.com shared his views and outlook on the fundamentals of the market and specific stocks.
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CA Rudramurthy BV of Vachana Investments advises buying Cairn India with a target of Rs 166.
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SP Tulsian of sptulsian.com is of the view that Mahindra & Mahindra may move by Rs 100 in next two weeks.
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Rakesh Bansal of RK Global recommends buying Action Construction, Dr Lal Pathlabs, Kaya and Praj Industries.
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SP Tulsian of sptulsian.com suggests buying Action Construction Equipment with a target of Rs 56 in next six months.
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Krish Subramanyam of Altamount Capital advises buying Omkar Speciality Chemicals with a target of Rs 214.
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Rakesh Bansal of RK Global recommends buying Jet Airways and Geometric.
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Mayuresh Joshi of Angel Broking is of the view that one may prefer JK Lakshmi Cement, Subros and Elecon Engineering.
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According to Amisha Vora of Prabhudas Lilladher, one may prefer KPIT Technologies and Ashoka Buildcom.
