By Rajesh AgarwalAUM Capital
Benchmark indices traded on a volatile note throughout the day and closed little changed on Friday, tracking losses in global equities as trade war tension between US and China escalated after US President Donald Trump said on Thursday that he is ordering the US trade representative to consider USD 100 billion in additional tariffs on Chinese goods.
The market breadth was in favour of advances with 3 stocks advancing against two declining ones. On global front, Global markets have been volatile this week amid the back-and-forth of the US-China trade conflict.
Lupin, Titan, BPCL, HPCL, Tata Steel, Sun Pharma and Bajaj Finance were top gainers among Nifty50 stocks, rising up to 3 percent and Infosys, Vedanta, L&T, Bharti Airtel and HCL Technologies were down up to 2 percent.
Technical Outlook
Nifty
Nifty opened with flat note tracking mixed global cues and remained within a small trading range. It has continued its winning streak for two consecutive days. It is heading towards 10430-10480 levels i.e. 100 and 50 SMA respectively. It might face minor hurdle around 10375 zones (61.8 percent Retracement level on hourly chart).
Furthermore, on hourly scale, Nifty is trading upper trend-line with Negative Divergence on RSI (14) suggesting a cautious stance.
Bank Nifty
Nifty Bank has formed kind of 'Doji' candlestick pattern around its major moving average of 200 SMA of 24877 levels on daily time frame. Now Nifty Bank has to
cross this level decisively for further up-move. Next Hurdles stands around 25320-25430 levels. Moreover, Momentum Oscillators like RSI & MACD are rising
from support zone which is a bullish set-up.
The levels 24920 & 25270 may work as immediate hurdle zone whereas support seen around 24650 & 24500 marks.
Here are the top 5 stocks which can give up to 3% return in the near term:
Container Corporation of India | Rating: Buy | Target: Rs 1294, stop loss: Rs 1238 | Return: 3%
Bharat Petroleum Corporation | Rating: Buy | Target: Rs 445, stop loss: Rs 425 | Return: 2%
Cummins India | Rating: Buy | Target: Rs 788, stop loss: Rs 753 | Return: 3%
Hindustan Unilever | Rating: Sell | Target: Rs 1340, stop loss: Rs 1405 | Return: 3%
Infosys Limited | Rating: Sell | Target: Rs 1101, stop loss: Rs 1150 | Return: 2%
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