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Oberoi Realty has given a strong breakout from the falling trend line with a surge in volumes on the daily chart, while Ashok Leyland has witnessed strong volumes in the cash market and long built-up positions in F&O
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As long as the Nifty trades above 15,500, one should continue to trade with a positive bias and look for stock-specific buying opportunities during the week, says Ruchit Jain, of 5paisa.com
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All automobile segments barring tractors and two-wheelers are expected to post strong year-on-year growth in June, largely on a low base in 2021 when India was battling a devastating second Covid wave
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Traders should continue to ride the trend with a trailing stop-loss method and also look to add positions on any corrective declines in Coromandel International.
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The broader market has started to show some encouraging signs, with the Nifty Midcap 100 and Smallcap 100 indices rising 3 percent and 4 percent. This should do extremely well if the market remains above the psychological support of 16,000
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"What a fantastic setup we are having in Ashok Leyland -- precise Bullish Deep Crab pattern on daily chart with Classic Doji near potential reversal zone of Rs 95-100," says Jigar S Patel of Anand Rathi Shares & Stock Brokers.
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Commodities will be the biggest gainers and as long as the geopolitical heat continues, it will be the dominating market theme, Axis Securities said.
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If Nifty manages to hold 17,700 and move higher first, then 18,000–18,200 are to be considered as strong hurdles which, as of now, we do not expect to get surpassed in the near future, says Sameet Chavan of Angel One.
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While a status quo on rates was expected, the equity market cheered the continuity in the monetary policy stance of the RBI MPC.
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Experts feel the market is expected to face resistance at the 17,500 level, but may find it difficult to decisively cross it. They advise caution at current levels and a stock-specific approach.
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As the economy finds its feet again, stocks that were affected the most such as those in contact intensive sectors such as hospitality, tourism and entertainment will get back in favour
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India VIX has currently settled below 22.45 on the daily chart so we can expect high volatility in the coming trading sessions.
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Brokerages and market experts have been positive about the auto space of late as the sector is among the key beneficiaries of the economic recovery and low-interest rates.
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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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This week is likely to be action-packed because the market is placed interestingly going into the monthly expiry.
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Brokerage firm ICICI Direct pointed out that a healthy festive period and elements of pent-up demand, channel restocking led the auto industry to remain firmly on the recovery path in Q3FY21.
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A significant pick-up in demand was seen for commercial vehicles (CV) while passenger vehicles (PV), two-wheelers (2W) and tractors also did well.
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One should always avoid investing in bad quality businesses because as is said a rising tide lifts all the boats but the end outcome is always bad in investing if one ignores the quality aspect, Shailendra Kumar of Narnolia advised.
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IT and pharma are preferred themes by experts after June quarter earnings
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Various measure taken by the government and ‘unlocking ‘ of the economic activity has made brokerages confident of an economic recovery and they have been upgrading stocks.
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Tough in the very near term as the majority of the oscillators are in the overbought zone, the possibility of retracement towards the support zone cannot be ignored.
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Now Nifty would face a strong hurdle at 10,500-10,550 zone as the 200-days exponential moving average is placed on daily charts.
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The market is expected to break out of its 3-month high soon and Nifty may hit 10,300 this week itself, feels an expert
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BSE Sensex shed 37 percent from its record high of 42273.87 touched on January 20, 2020.
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Sudarshan Sukhani of s2analytics.com recommends buying Castrol India with stop loss at Rs 147 and target of Rs 154 and Escorts with stop loss at Rs 830 and target of Rs 860.
