The Nifty50 may continue to hover in a broader range of 11,500-12,000. We advise preferring hedged positions and keeping a check on the position size.
But, comparatively, more companies have seen an EPS downgrade than an upgrade
Ashwani Gujral of ashwanigujral.com recommends buying Indiabulls Housing Finance with a stop loss of Rs 840, target of Rs 865, BHEL with a stop loss of Rs 72, target of Rs 80 and Bajaj Finance with a stop loss Rs 3030, target of Rs 3120.
Rate cut usually acts as a sentiment booster and aid companies that have to service large debts
Ashwani Gujral of ashwanigujral.com recommends buying Oriental Bank of Commerce with a stop loss of Rs 112, target of Rs 120, State Bank of India with a stop loss of Rs 325, target of Rs 341 and YES Bank with a stop loss of Rs 276, target of Rs 290.
Mitessh Thakkar of mitesshthakkar.com is of the view that one may buy Indiabulls Housing with a target of Rs 765.
The Nifty Midcap and Smallcap indices rallied nearly 7 percent and 10 percent in March, and since February 19, both indices surged 11 percent and 15 percent respectively.
We advise to continue maintain a strict trailing stop loss on long position, and book profit at higher level on weakness.
The Nifty50 has broken out from a rising channel pattern which is likely to lift the index towards its previous all-time highs.
The next crucial support for the Nifty index is placed at 10,500 while in case of bounce 10,800-10,850 would act as a hurdle.
Any decisive move above the stiff resistance 10,985 will push Nifty higher towards previous swing high (11,111)
The S&P BSE Smallcap Index plunged 3.48 percent, while S&P BSE Largecap and Midcap index fell 1.26 percent and 2.27 percent, respectively.
Prakash Gaba of prakashgaba.com advises buying NIIT Tech with a stoploss of Rs 1150 and target of Rs 1250.
Rajesh Agarwal of AUM Capital recommends buying Axis Bank with stop loss at Rs 568 and target of Rs 610, SpiceJet with stop loss at Rs 65 and target of Rs 73 and DLF with stop loss at Rs 152 and target of Rs 167.
The realty space is the biggest loser among sectoral indices as the Nifty Realty index dropped nearly 25 percent year-to-date against 7 percent upside in Nifty50.
Sideways to bullish movement in the coming session, within a range of 11,650 on the higher side and 11,450 on the lower side.
Rajesh Agarwal of AUM Capital recommends buying JSW Steel with stop loss at Rs 345 and target of Rs 368, Cadila Healthcare with stop loss at Rs 388 and target of Rs 410 and LIC Housing Finance with stop loss at Rs 563 and target of Rs 585.
Dyaneshwar Padwal of KIFS Trade Capital sees the Bank Nifty heading towards 28,800 levels if 28,400 is taken out decisively
The short term trend is likely to reverse only if the Nifty breaches the 11,340 on a closing basis, says Hadrien Mendonca of IIFL
Rajesh Agarwal of AUM Capital recommends buying International Paper with stop loss at Rs 472 and target of Rs 500, RITES with stop loss at Rs 278 and target of Rs 295 and Punjab National Bank with stop loss at Rs 79 and target of Rs 85.
Mitessh Thakkar of mitesshthakkar.com suggests buying IDFC with a stop loss of Rs 47.5 and target of Rs 56, M&M above Rs 945 with stop loss of Rs 934 and target of Rs 980 and Muthoot Finance with a stop loss of Rs 414 and target of Rs 450.
Most economists expect the MPC to keep policy rates unchanged but its commentary would be a key thing to watch out for
Shabbir Kayyumi of Narnolia Financial Advisors expects sideways to bullish movement for the Nifty in coming sessions, within a range of 11,450 on the higher side and 11,100 on the lower side
Sudarshan Sukhani of s2analytics.com recommends selling Coal India with a stop loss at Rs 264 and target of Rs 255, DLF with a stop loss at Rs 181 and target of Rs 172 and Hindustan Zinc with a stop loss at Rs 272 and target of Rs 263.
JP Morgan believes that near term investment thesis is predicated on pick up in residential sales while monetisation for phase 5 developments unsold inventory to be faster. It has an overweight rating on the stock with target of Rs 280.