The index has given bullish crossover as 100 DMA crossed 200 DMA from below, signaling that the strong bullish momentum will continue in the mid term.
The June quarter results are in line with expectations and we have not witnessed any major negative price reaction post the numbers.
After some tough years, the pharma sector is performing well and is around 25 percent up while the broader market is down 20 percent year-to-date.
Aashish Somaiyaa of Motilal Oswal Asset Management Company advised that one should avoid panic and remain invested.
The Nifty Pharma index gained half a percent on May 7, taking gains to around 45 percent since March 23.
There's no relief from the COVID-19 front as the numbers are not showing any signs of slowing down yet and that could result in further extension of the lockdown, said Ajit Mishra of Religare Broking.
Sudarshan Sukhani of s2analytics.com recommends buying Bajaj Finserv with stop loss at Rs 9500 and target of Rs 10300 and Havells India with stop loss at Rs 611 and target of Rs 635.
The market is likely to remain in consolidation mode in next week amid corporate earnings, Delhi assembly elections results and domestic data including IIP, CPI and WPI.
Mitesh Thakkar of miteshthakkar.com recommends buying Biocon with a stop loss of Rs 300 for target of Rs 330 and L&T Finance Holdings with a stop loss of Rs 127 for target of Rs 140.
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.
According to Nomura, the overhang of whistleblower allegations is now behind and will prefer Infosys to TCS on valuations basis
Mitesh Thakkar of miteshthakkar.com recommends buying Bharti Airtel with a stop loss of Rs 461 for target of Rs 485 and GAIL India with a stop loss of Rs 125 for target of Rs 137.
Sudarshan Sukhani of s2analytics.com recommends selling Havells India with stop loss at Rs 646 for target of Rs 631 and MCX India with stop loss at Rs 1125 and target of Rs 1050.
Prakash Gaba of prakashgaba.com recommends buying Cadila Healthcare with target at Rs 270 and stop loss at Rs 260 and Kotak Mahindra Bank with target at Rs 1675 and stop loss at Rs 1640.
Macquarie also retained its outperform rating on the stock as it would buy the stock if it falls, but slashed its target price to Rs 270 (from Rs 292 earlier), implying 20.2 percent potential upside from current levels.
Among sectors we prefer to initiate longs in Auto, Banking and Metal space for reasonable upside as the risk reward remains favourable.
According to CLSA, GDP growth in FY20 is likely to be around 6 percent, much lower lower than the RBI's 6.9 percent projection.
As Nifty continues trading in a 350 point range, here are five stocks that can return 8-13 percent in near term:
Sudarshan Sukhani of s2analytics.com recommends buying Mindtree with stop loss of Rs 702 and target of Rs 725 and Pidilite Industries with stop loss at Rs 1215 and target of Rs 1255.
Crude oil prices and rupee movement amid trade tension between US-China and US-Iran are likely to keep markets volatile, an expert said
Sudarshan Sukhani of s2analytics.com recommends buying Bajaj Finance with stop loss at Rs 2970 and target of Rs 3080, Berger Paints with stop loss at Rs 322 and target of Rs 327 and Hindustan Zinc with stop loss at Rs 272 and target of Rs 285.
Sudarshan Sukhani of s2analytics.com recommends selling Vedanta with stop loss at Rs 195 and target of Rs 188, Shriram Transport with stop loss at Rs 1080 and target of Rs 1025 and Bharat Forge with stop loss at Rs 480 and target of Rs 464.
Ashwani Gujral of ashwanigujral.com suggests selling Ceat with a target of Rs 126.
We expect 11 percent and 17 percent CAGRs over FY18-20 in revenue & earnings respectively.
Rajat Bose of rajatkbose.com recommends buying Cadila Healthcare with stop loss below Rs 350.80 for target of Rs 356.90 and Colgate Palmolive with stop loss below Rs 1259.90 for targets of Rs 1299 and Rs 1308.