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The consolidation is expected to continue, with benchmark indices likely finding support at the 50-day EMA. Below are some short-term trading ideas to consider.
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The market is expected to consolidate after the severe correction seen last week. Below are some trading ideas for the near term.
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Overall, the market trend is expected to remain positive despite occasional consolidation. Here are some trading ideas for the near term.
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The consolidation is expected to continue in Nifty 50, although the bulls remain in control. Below are some trading ideas for the near term.
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The immediate support for the Nifty 50 is likely to be seen at 22,400, followed by 22,300. In case of a bounce back, the 22,600-22,700 levels are the immediate ones to watch.
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The Bank Nifty index, a major heavyweight, still lacks conviction, and its participation is crucial to strengthen momentum in the coming week.
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Hindustan Copper has formed Bullish Engulfing kind of candlestick pattern on the daily charts, indicating the possibility of positive mood in the counter going ahead.
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IDBI Bank has seen Bullish Engulfing kind of pattern formation on the daily charts with strong volumes and recouped all its previous day's losses. The stock rose 6.5 percent to Rs 64.4, the highest closing level since January 9, 2019.
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Dixon Technologies jumped over 5 percent to Rs 3,878.75, the highest closing level since January 3, 2023, and formed long bullish candlestick pattern on the daily scale with above average volumes. Largely, the stock has seen healthy uptrend in the second half of May.
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Mahindra CIE Automotive was also in action, rising 4.7 percent to end at record closing high of Rs 474.3 and formed long bullish candlestick on the daily charts with huge volumes. The stock has broadly maintained higher highs higher lows formation since the end of March.
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If the Nifty50 holds current levels and surpasses 17,200-17,300 in coming sessions, then 17,500 can be a possible target with crucial support at 17,000 followed by 16,800-16,750 levels
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Traders should take one step at a time and avoid aggressive trades, as there are clusters of resistances lined up for the NIfty on the way up
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Technically, the medium term chart formation in Tech Mahindra is still on the weak side but due to temporary oversold situation, a sharp pullback rally from the current level is not ruled out.
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Traders and investors should continue holding Deepak Nitrite and can expect upside towards Rs 2,400 followed by Rs 2,650. Downside support for the stock is placed at Rs 2,000 levels.
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In Dixon Technologies, investors should use sell opportunity or exit to rally on any bounce towards Rs 4,700-4,900, with downside crucial support zone of Rs 4,120-3,930 levels.
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The biggest beneficiaries would be the infrastructure segment, capital goods, real estate, railways, power, fintech, agriculture, defence and banks, say experts. One of them said the Budget will be negative for the entire PSU and PSU bank space since there were no major announcements on divestments.
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Here's what Vikas Jain of Reliance Securities, recommends investors should do with these stocks when the market resumes trading today.
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"The formation of a doji candle on September 6, which signifies indecision in the market, followed by another doji on September 7 suggests consolidation in the near term is a likely scenario," said Himanshu Gupta of Globe capital.
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As the market seems to have the comfort of valuation now, it is time to lap up quality stocks, analysts point out.
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Brokerage firm William O'Neil India pointed out PLI scheme of the government aims at providing incentives to the companies with a vision of making India a hub for manufacturing and exports.
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While midcap stocks tend to see more volatility versus Nifty50, over a longer term they tend to deliver stronger returns and this theme is expected to play out going ahead, Nirali Shah said.
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The final/official list of large, mid and small-caps will be released by AMFI by the first week of January 2021, which will be effective for the February-to-July 2021 period.
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YES Bank, Adani Enterprises, PI Industries, Hind Aeronautics and Jubilant FoodWorks are the stocks that have a high probability of being included in the largecap category from the midcap category.
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While the road ahead looks brighter, analysts and brokerages advise being prudent while picking stocks.
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As the September quarter earnings bouyed market sentiment and increased hope for strong earnings growth in coming years, brokerages upgraded majority of quality stocks in current month.
