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The index is expected to extend its southward move in the upcoming sessions, given the negative sentiment. Below are some trading ideas for the near term.
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Experts suggest that the immediate resistance is likely at 24,850 for the Nifty 50, followed by 24,950, while 24,500 is expected to act as crucial support for the current rally. Here are some trading ideas for the near term.
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Bosch has experienced a significant breakdown on the daily chart, accompanied by a notable increase in trading volumes, suggesting a potential shift in the stock's trend.
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GNFC has given a strong breakout on the daily chart with a sharp surge in volumes. The stock has broken out from a falling channel pattern which was in force for the last 2-3 months.
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The 17,600 level is expected to be crucial for further direction of the Nifty50 going forward and, if the index manages to hold the 17,500-17,600 area, then 18,000 can be a possibility in coming sessions, experts said
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Raw material, including petroleum-based items, accounts for 55-60 percent of input costs and has a direct impact on gross margins. Price hikes have not been enough to absorb the input cost inflation.
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Nandish Shah of HDFC Securities believes that the short-term trend of the Nifty is weak. Hence, he advised to remain bearish till Nifty closes above the 17,600 levels
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"The key support levels for the Nifty in the short term are 15,430 and 15,145. On the upside, the key resistance level is 15,962," said Vidnyan Sawant of GEPL Capital.
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Overall, market witnessed follow-up buying on Tuesday and Nifty managed to surpass the key resistance level of 15,100. The rally was supported by banking, auto and metal counters, said Shitij Gandhi of SMC Global
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Now, 15,000 Call strike holds the maximum open interest of nearly 43 lakh shares which should act as an immediate strong hurdle for the Nifty.
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Nifty is nicely poised above its 20, 50, 100-day exponential moving averages (EMA) on a daily interval which is positive for the Indian bourses.
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Short-term traders should revise their stops further higher towards 11,440 once the Nifty surpasses its recent swing resistance above 11,800.
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Nifty50, on the weekly chart, has completed the 'Bearish Bat' harmonic pattern and is currently trading below its potential reversal zone (PRZ).
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The breakdown below 11,100 could trigger a further supply till 10,850. Resistance is near 11,375, a break of this level will open the gate for 10,600 in the benchmark index.
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We are standing at the pullback level of the ‘Parabolic SAR’ which has been following the entire uptrend and has finally given some signs of weakness.
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If we look at the ratio of BankNifty to Nifty then it is currently at 1.94 and formed a base at around 1.90 levels.
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On the weekly scale, the momentum indicator and oscillators are very well in the buy mode. Now, for Nifty to surpass the psychological barrier of 11,000 mark, BankNifty has to participate.
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Nifty failed to conquer the upward sloping short-term uptrend below which it broke on July 14th and as expected it acted as a stiff resistance.
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On the technical front, the secondary oscillators suggest that volatility will grip the market in the coming sessions.
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India VIX is trading flat, holding its 200-day average and any spike above its medium-term average at 35 levels could increase volatility.
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Majority of experts started advising clients to accumulate quality stocks in a gradual manner with a long term view
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Ashwani Gujral of ashwanigujral.com suggests buying Sun Pharma with a stop loss of Rs 388, target of Rs 404 and Cipla with a stop loss of Rs 420, target of Rs 435.
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Prakash Gaba of prakashgaba.com recommends buying Asian Paints with target at Rs 1880 and stop loss at Rs 1830 and Axis Bank with target at Rs 750 and stop loss at Rs 730.
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Mitesh Thakkar of miteshthakkar.com recommends selling Bajaj Auto with a stop loss of Rs 3092 and target of Rs 3000 and Berger Paints with a stop loss of Rs 578 and target of Rs 560.
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Sudarshan Sukhani of s2analytics.com recommends buying Berger Paints with stop loss at Rs 540 and target of Rs 560 and Castrol India with stop loss at Rs 134 and target of Rs 146.
