The immediate support and resistances for Nifty is now placed at 11,180 and 11,590 respectively and traders should maintain a cautious stance with a sell on rally strategy
Bulls took charge of D-Street for the week ended September 11 and helped Nifty reclaim 11,450 levels. For the week, benchmark indices closed with gains of more than 1 percent while the broader markets underperformed.
The S&P BSE Sensex rose 1.3 percent while the Nifty50 gained 1.1 percent for the week ended September 11 compared to the S&P BSE Smallcap index which fell 0.3 percent, and the S&P BSE Midcap index that was down 1.07 percent.
Experts advise investors to remain cautious especially on Sensex and Nifty as both are trading in overbought zones. Some action can be seen in the broader market space after the Sebi's order on Multicap schemes.
"Nifty50 traded in a narrow range last week after a bearish engulfing pattern in the week prior. The benchmark index is still trading in an overbought zone on a weekly time frame and it could retest the lower end of the channel drawn from March lows on a weekly chart," Umesh Mehta, Head of Research, Samco Group told Moneycontrol.
"Immediate support and resistances are now placed at 11,180 and 11,590 respectively and traders should maintain a cautious stance with sell on rally strategy," he said.
Shah is of the view that SEBI has injected steroids in the category of small and midcap shares by mandating 25 pecent proportion each in large, mid and smallcap for multicap funds It is estimated that about Rs 30,000 crore may move from large to small and midcaps, which will further fuel a rally the broader markets.
Here is a list of top 10 stocks from various experts that can give 6-28 percent return in the next 3-4 weeks:
Smeet Chavaan, Chief Technical & Derivatives Analyst at Angel BrokingAdani Ports and Special Economic Zone | Buy | LTP: Rs 340.55 | Target price: Rs 360 | Stop loss: Rs 332 | Upside: 6%
This stock has corrected gradually over the past couple of weeks.
However, it has now reached a cluster of support such as a converging point of two key moving averages- 89 EMA as well as the 200-SMA on the daily chart.
Importantly, Friday’s candle resembles a bullish hammer pattern, hence, we expect the stock make. a recovery in the next few days.
The entire IT space provided a good helping hand to defend Nifty last week.
However, unlike other peers, the activity in Wipro remained muted till Thursday. On Friday, this stock seems to have come out of its consolidation and finally joined hands with larger peers.
The daily chart depicts a bullish flag pattern along with more than average daily volumes.
The way charts are shaped up, we expect the stock to do well in the next few days.
Expert: Rajeev Srivastava, Chief Business Officer at Reliance Securities
The stock has closed near its long-term support zone and has witnessed positive pullbacks from the current levels on various counts.
The daily RSI is trading below 50 levels indicating a bullish set up for the stock having an upper hand.
This could bring the stock to test the intermediate-high which could be the potential target over the next few months.
The stock remained sideways after a sharp decline and its key technical indicators on the short-term timeframe have reversed from their oversold zone and have given a buy signal.
On the lower side, its prior low connecting support line and its 100-month SMA worked as a key reversal point.
We believe that the stock will utilise prior consolidation and will resume its up-move that could lead the stock towards Rs 1,340 levels.
The stock formed a double bottom at sub Rs 385 levels with strong volumes and has crossed its 50-day average confirming an up move.
Its Relative Strength Index has crossed upwards from its lower band of averages and we expect the stock to outperform from current levels.
The stock has completed its price and time-wise consolidation after a sharp down move from the highs of Rs 534 levels.
Expert: Sacchitanand Uttekar, DVP – Technical (Equity), Tradebulls Securities
Hatsun Agro saw a good follow-through movement post its breakout from its 30-month consolidation.
Even on the daily as well as weekly scale, the formations look like a rounding bottom/saucer formation with price targets close to Rs 880 & Rs 1,050 zone respectively. Which could be participated with a stop below Rs 765 from here on.
Consolidation now looks mature for Dr Lal Pathlabs with a positive sector outlook and the occurrence of consecutive hammer formation on its weekly scale.
Even on the daily scale, the RSI has jumped up above 51 with a bullish belt hold formation on the final day of the week.
We expect the stock to outperform in the coming 2-3 months. Hence it can also be a portfolio add from hereon. Trading longs could participate with a stop below Rs 1,760 with a review zone around the Rs 2,050 level.
Expert: Shabbir Kayyumi, Head of Technical Research at Narnolia Financial Advisors Ltd
Bargain hunting is seen at lower levels in the scrip from where it has formed a strong base near Rs 92-94 levels.
Currently, it has given a consolidation range breakout on the daily chart in which the stock has been trading in the last few days. The momentum oscillator RSI also turned above 50 mark that suggests a reversal is round the corner.
Other indicators and oscillators also lend support to the price action. A trader can take the entry from the level of Rs 100 for a target of Rs 116-130, and keep a stop loss below Rs 92.
The short-term correction seems to be over in the stock and bulls are likely to take the charge again. The bullish candlestick pattern suggests that bulls have entered the counter at lower levels.
Further, the formation of a double bottom pattern on the daily chart with decent volume is providing an additional signal that the short-term rally might not be ruled out in the coming days.
Traders can initiate long positions around Rs 184 with a stop loss of Rs 174 and a target of Rs 205.
The scrip spurted from a low of Rs 900 while forming a cup and handle pattern on the weekly chart. It showed a pullback on the upside that took the stock to a high of Rs 923 mark and then it consolidated.
Currently, it is waiting for another breakout on the upside so that it can accelerate buying momentum further. The line of polarity on the daily time frame chart stands around Rs 900-910 zone which suggests bullish momentum in the scrip.
Indicators and oscillators are also showing a conducive scenario in the coming sessions. Based on the mentioned technical structure one can go long in the scrip around Rs 910 for the target of Rs 990 mark, and keep a stop loss of Rs 870 on a closing basis.Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.