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The entire bullish view negates on a breach of the immediate support zone and in the case of BPCL, we will consider Rs 355 as a stop loss level.
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Among sectors, Nifty FMCG and Pharma index may outperform from the current levels as they have crossed the short-term averages.
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PSU stocks have had a most forgettable year in 2020, with the Nifty PSE index declining about 30 percent since January. 2020.
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The benchmark indices and broader markets have rallied more than 55 percent from the lows of March 23, though they have been some correction in the last few sessions.
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The market is likely to be stock-specific and experience sector rotations. Therefore, investors should adopt a buy-on-dips strategy only in quality names, said Umesh Mehta, Head of Research, Samco Group.
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Midcaps are yet to perform and the breakout in this index should bring back some excitement in the traders’ fraternity.
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As the uncertainty persists, a stock-specific approach is what one needs to follow in this market.
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Nifty needs to hold above 11,250-11,350 range which could again give an upper hand to bulls to drive the move towards 11,650-11,700 zone.
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Momentum indicators are trading in a bullish zone and RSI is bouncing back from important support levels indicating that dips are likely to be bought into, until prices are trading above 11,200 level.
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Weakness if any would only need validation below 10,880 for any larger degree corrective move.
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BSE Sensex and Nifty50 have rallied nearly 12 percent each since the week ended June 12. Both the indices have surged more than 48 percent each from their March 23 low
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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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Motilal Oswal reiterated IOC as its top pick, with a target price of Rs 168, valuing the company at 1.2x FY22 PBV.
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Mitesh Thakkar of miteshthakkar.com recommends selling Coal India with a stop loss of Rs 162 for target of Rs 150 and Tata Motors with a stop loss of Rs 109 for target of Rs 100.
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Ashwani Gujral of ashwanigujral.com recommends buying M&M Financial Services with a stop loss of Rs 380, target of Rs 405 and BPCL with a stop loss of Rs 490, target of Rs 515.
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Nifty is currently trapped in a range of 120 points which is bounded by the 21 and 50-day exponential moving averages, which indicates range-bound trading in Indian indices.
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Mitesh Thakkar of miteshthakkar.com recommends buying BPCL with a stop loss of Rs 470 for target of Rs 500 and Larsen & Toubro with a stop loss of Rs 1330 for target of Rs 1380.
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Mitesh Thakkar of miteshthakkar.com recommends buying ACC with a stop loss of Rs 1533 for target of Rs 1580 and Infosys with a stop loss of Rs 775 for target of Rs 806.
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Sudarshan Sukhani of s2analytics.com recommends buying Cadila Healthcare with stop loss at Rs 264 and target of Rs 279 and Colgate Palmolive with stop loss at Rs 1490 and target of Rs 1535.
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Mitesh Thakkar of miteshthakkar.com advises selling ITC with a stop loss of Rs 239 and target of Rs 226.
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The prevailing consolidation to extend further and Nifty to hover within 12,100-12,400 zone.
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Mitessh Thakkar of mitesshthakkar.com suggests buying Axis Bank with target at Rs 785 and stop loss at Rs 751.
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Sudarshan Sukhani of s2analytics.com recommends buying Bosch with stop loss at Rs 15030 and target of Rs 15865 and Bharti Infratel with stop loss at Rs 249 and target of Rs 262.
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Mitesh Thakkar of miteshthakkar.com recommends buying HDFC Bank with a stop loss of Rs 1232 for target of Rs 1265 and JSW Steel with a stop loss of Rs 254 for target of Rs 269.
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Ashwani Gujral of ashwanigujral.com advices selling Tata Steel with a stop loss of Rs 390, target of Rs 375.
