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The trend is expected to remain in favour of the bulls, despite intermittent profit booking in the upcoming sessions. Below are some short-term trading ideas to consider.
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The consolidation and rangebound movement are expected to continue, given that volatility has risen to over an 11-week high. Below are some trading ideas for the near term.
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Given the prevailing negative sentiment, the trend in benchmark indices is expected to favour bears in the upcoming sessions. Below are some trading ideas for the near term.
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Balrampur Chini is currently nearing its 3-month's high which tells that the stock already is in strong momentum. The stock in the latest week broke out of Inverse Head & Shoulder pattern, signaling a beginning of the trend to the upside.
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JK Paper shares rallied 3.5 percent to Rs 440, the highest closing level since August 16 this year and formed another long bullish candle with robust volumes on the daily charts. The stock has given a strong breakout of horizontal resistance trend line adjoining several points - August 12, September 1, September 8 and December 19 this year.
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The selling can be extended in the coming sessions with support at 18,100-18,000 levels, however, on the higher side, the index may face hurdles at 18,500-18,700 levels if it holds these supports
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The price configuration on daily time frame chart in Balrampur Chini Mills can be termed as a ‘Bullish Cup and Handle’, which unfolds the next leg of the rally.
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Breaching either side of 18,200-18,450 range can give some kind of direction to the market in the coming days, but having a monthly expiry and FOMC minutes scheduled this week, volatility and consolidation is at the top before any kind of big move on either side of range
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Since last one month, Tinplate Company of India has made nice base near Rs 300 levels. Recently on daily scale, the stock confirmed a Bullish Inverted Hammer candlestick pattern exactly at the mentioned historical support and that is adding more confirmation of further upside in the counter.
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Balrampur Chini Mills has broken out from the downward sloping channel on the daily line chart. Sugar sector has been showing strength for last many months and the same is expected to continue in the coming days. Indicators and oscillators have been showing strength in the current uptrend. Stock is placed above important moving averages.
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ICICI Direct says the market correction is an opportunity for investors to add companies with sustainable growth visibility
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Until the decisive breakout is not seen on the Nifty, one should expect a rangebound movement and focus on stock-specific action, Sameet Chavan of Angel One advised
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A more-dovish-than-expected monetary policy by the central bank and the easing of Omicron concerns helped the bulls to retain control.
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Sugar is a cyclical industry. The fortunes of the industry ebb and flow with sugar prices, which in turn depends on sugar production and supply.
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On the higher side, Nifty has been finding stiff resistance in the range of 11,350-11,400.
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The brokerage now expects Nifty earnings to grow at a CAGR of 16 percent over FY20-22, albeit on a low base and values the Nifty at 10,300 i.e. 1.2x PEG on FY22E EPS of Rs 543 with corresponding Sensex target placed at 34,800.
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Prakash Gaba of prakashgaba.com recommends buying Escorts with target at Rs 900 and stop loss at Rs 870 and ICICI Bank with target at Rs 560 and stop loss at Rs 545.
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VIX has seen been in decline mode and hit a 30-month low last week. Some bounce back can be seen from lower and may keep the market in check.
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Ashwani Gujral of ashwanigujral.com suggests buying Bharti Airtel with a stop loss of Rs 445 and target of Rs 470.
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Nifty has managed to form a support base in the range of 11,850-11,800 twice in the recent past and hence, this range now becomes sacrosanct for the near term.
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Prakash Gaba of prakashgaba.com recommends buying Cadila Healthcare with target at Rs 270 and stop loss at Rs 260 and Kotak Mahindra Bank with target at Rs 1675 and stop loss at Rs 1640.
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As long as banking index sustains above 31,000 marks, it can extend higher towards 33,000 levels provided by Fibonacci extension. Moreover, trading range for banking index will be 30,800-33,000 for the coming week
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The weekly strength indicator RSI and momentum oscillator Stochastic have both turned negative and are below their respective reference lines indicating negative bias
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We advice that traders who wants to participate in buyback can buy 1,400 shares at Rs 136 per share in the open market and offer them in the tender offer
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The government plans to export 2 MT of raw sugar to China next year. This export push initiative will enable the country to grab market share from more importing countries such as Bangladesh, which needs 2.5-3 MT per annum of raw sugar
