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the market remains bullish with resistance at 18,600-18,800 levels, though we have correction and consolidation at higher levels after the recent new swing high of the year, experts said
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Sameet believes traders can find ample opportunities in the beaten spaces and for investors, this decline would provide opportunity to accumulate quality stocks in a staggered manner.
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SAIL was up 1.5 percent at Rs 92.1, the highest closing level since May 5, 2022 and formed decent bullish candle on the daily charts with higher high higher low formation for second consecutive session. It has given a nice breakout of 'Mother Candle' formed on January 2 in previous session and maintained uptrend for yet another session, with strong volumes.
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Traders with existing position should continue to ride the trend in AIA Engineering while any declines in the stock towards the supports should be used as a buying opportunity.
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Phoenix Mills is outperforming the Nifty Realty index where it is on the verge of a breakout of a critical hurdle of Rs 1,150 that may lead to further strength towards Rs 1,250-1,300 zone.
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The outlook for many sectors has improved following various steps, including Budget proposals, announced to revive and accelerate economic growth
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A decisive move above 11,600 in the coming sessions will once again bring back the bullish momentum into the markets.
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The maximum open interest in Calls is placed at 9,500 strike while 9,000 strike holds the maximum open interest in Puts.
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For next week, Nifty has strong support at 11,365-11,255 and resistance at 11,525-11,650 range, says Sumit Bilgaiyan
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We believe that as far Nifty is holding above 10,750 spot levels, the current trend is likely to move towards 11,100 levels in coming sessions.
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Equirus Securities said uncertainty regarding elections in 2019 might keep markets volatile.
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The stock may be bought in the range of Rs 1,605-1,615 for a target of Rs 1,750-1,855 and a stop loss below Rs 1,500, says Aditya Agarwala of Yes Securities.
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The relative strength index (RSI) has also crossed its previous highs and has moved above the 60-levels, affirming bullishness building up in the markets.
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Mitessh Thakkar of mitesshthakkar.com recommends buying Bajaj Finance with a stop loss of Rs 2099 and target of Rs 2160 and Indian Oil Corporation with a stop loss of Rs 166 and target of Rs 180.
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We expect the Nifty to form a higher base by consolidating in a broader range of 10,400–10,850 that would pave the way for the next leg of the upmove.
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"We expect the Nifty to consolidate within a broader range of 10,300–10,600 amid stock specific action as we are going through the Q4 earnings season," says Dharmesh Shah of ICICI Direct.com.
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Rajesh Agarwal of AUM Capital advises buying AIA Engineering with a target at Rs 1520.
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Prakash Gaba of prakashgaba.com is of the view that crucial support for the Nifty is at 9580-9520 and the resistance is at 9700- 9724. "Aarti Drugs, AIA Engineering, Dewan Housing Finance and Capital First are bullish plays for the day," he adds.
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In an interview to CNBC-TV18’s Latha Venkatesh, Sonia Shenoy and Anuj Singhal, Prakash Diwan, Market Expert at Altamount Capital Management shared his reading and outlook on the market and also gave recommendations on various stocks.
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CLSA has downgraded HPCL to sell from outperform, with increased target price at Rs 540 from Rs 480 and EPS for FY17 by 8 percent & by 1-2 percent for FY18-19. Core refining margin was disappointing for third straight quarter, the brokerage house says, adding it relaxed EV/EBITDA multiple to 7.5x from 7x earlier.
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Mitesh Thacker of miteshthacker.com is of the view that one can sell Glenmark Pharma and buy Cipla, Cummins India and AIA Engineering.
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Anish Damania of IDFC Securities is of the view that one may prefer AIA Engineering.
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Mitesh Thacker of miteshthacker.com advises buying NTPC and AIA Engineering.
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AK Prabhakar of IDBI Capital is of the view that one may prefer AIA Engineering, Bharat Electronics, Castrol and Arvind.
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Mitesh Thacker of miteshthacker.com recommends buying Mahindra & Mahindra Financal Services, Apollo Tyres and AIA Engineering.
