The Nifty rallied 6.2 percent in April after falling 8 percent in February and March which resulted in a strong bull candle on Monday's daily candlestick chart. Formation of a strong bullish candle suggests that momentum is strong and there is a higher possibility now for the index to hit levels closer to 10,900, experts suggest.
The index has been forming higher highs and higher lows on the daily chart for the last three trading sessions which indicates that the supports are gradually shifting higher.
However, owing to relentless strength displayed by the bulls in the last five weeks a pause or minor correction can’t be ruled out going forward. Experts advise traders to keep a stop below 10,600 for all long positions.
Buy Yes Bank with a stop loss of Rs 358 and target of Rs 372
Buy Escorts with a stop loss of Rs 980, target of Rs 1045
Buy Repco Home Finance with a stop loss of Rs 638, target of Rs 660
Buy Hindustan Unilever with a stop loss of Rs 1485, target of Rs 1540
Buy NCC with a stop loss of Rs 130, target of Rs 142
Rajat Bose of rajatkbose.com
Buy Sun Pharmaceutical Industries with s stop loss below Rs 522 for target at Rs 548
Buy Cadila Healthcare with a stop loss below Rs 407 and target at Rs 427
Sell Dabur India with stop loss above Rs 372 for target at Rs 363
Buy Siemens with a stop loss below Rs 1100 and target of Rs 1159
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.
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