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The market may remain consolidative with rangebound trading until the August high is decisively broken. Below are some short-term trading ideas to consider.
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The consolidation is expected to continue as long as the frontline indices trade below the 50-day EMA. Below are some short-term trading ideas to consider.
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The benchmark indices need to decisively close above the previous day's high for a further upward move; until then, consolidation may be seen. Below are some short-term trading ideas to conside.
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The market is anticipated to sustain its upward bias in the forthcoming sessions. Here are some trading ideas for the near term.
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Jigar Patel continues to advise traders to be light from now on and stay stock specific.
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HDFC Bank has traded way below all key moving averages (20, 50, 100 and 200 EMA - exponential moving averages) due to single-day big fall, while the stock is 77 rupees away from the low of October 2023 (Rs 1,460).
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As the index approaches its all-time highs, there is potential for further upside, with targets set at 21,180 and 21,400.
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Varun Beverages traded well above all key moving averages (20, 50, 100 and 200-day EMA - exponential moving average) and saw a breakout of falling resistance trendline adjoining highs of September 29, and November 6, which is a positive sign.
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NMDC broke the falling resistance trendline adjoining highs of January 13 and August 1, and clocked more than 4 percent gains at Rs 118.70. The stock has seen formation of long bullish candlestick pattern on the daily timeframe, with multi-fold jump in trading volumes.
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Sunteck Realty maintained upward journey for fifth consecutive session, rising more than 5 percent to Rs 378, the highest closing levels since December 8 last year and formed long bullish candlestick pattern on the daily charts, with above average volumes.
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Castrol India has seen a golden crossover with the 50-day EMA (exponential moving average) crossing 200-day EMA, which indicates possibility of further uptrend.
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The 17,600 level is expected to be crucial for further direction of the Nifty50 going forward and, if the index manages to hold the 17,500-17,600 area, then 18,000 can be a possibility in coming sessions, experts said
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Cochin Shipyard erased gains but still closed in green with 0.4 percent gains at Rs 527.10, forming small bodied bullish candle which resembles Shooting Star kind of pattern on the daily charts which is trend reversal pattern.
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Chalet Hotels gained nearly 4 percent to Rs 367, forming strong bullish candle on the daily charts with robust volumes. The stock continued higher high formation for fifth consecutive session.
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Cochin Shipyard has witnessed a primary trend-line breakout on the weekly chart with strong volume followed by a breakout of Bullish Flag formation.
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Even management commentary gave the market a confident outlook to withstand businesses against the COVID spread and its impact.
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There are multiple resistances in the range of 10,200-10,350 that are the recent highs and medium-term averages so the upside looks little capped on the higher side.
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Majority of experts started advising clients to accumulate quality stocks in a gradual manner with a long term view
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Experts believe not only largecaps but also midcaps with good fundamentals and firm Q2 results can outperform broader indices in the coming quarters
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Midcap and smallcap indices rose over a percent each this past week, outperforming the headline index, and there are some stocks that investors can look at buying this week.
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Here is the list of top 17 stocks that can give up to 99% return.
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The consolidation is likely to continue for next 3-4 months. In fact, the entire calendar year is expected to be tough.
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Ravi Kataria, MD at Investment Imperative discusses with Prashant Nair and Ekta Batra his analysis on the fundamental side of the market as well as specific stocks and sectors.
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After the recent correction, valuations of Indian market have come down to a reasonable level which should give motivation to investors to accumulate quality stocks on declines.
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Though we are not ruling out further consolidation/ correction in Indian equities driven by weaker liquidity, news flow w.r.t. interest rate/inflation scenarios, and profit booking ahead of LTCG imposition, there are few stocks which investors can keep in investment radar given their disproportionate correction in recent times and fundamentals that are unfazed by the current developments.
