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A close above 24,500 could drive the Nifty 50 towards the 24,700-24,800 zone, but if it stays below this level, consolidation and range-bound trading may continue with 24,200 as support. Here are some trading ideas for the near term.
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Midcap and Smallcap continued their outperformance during the recent corrective phase of the Nifty and therefore Nandish Shah of HDFC Securities expects their outperformance to continue for the coming weeks.
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After short term correction, Talbros Automotive Components took support near 200 day SMA (Rs 413) and reversed sharply. Post reversal, in this week so far, it rallied over 15 percent and also formed a long bullish candle on weekly and daily charts.
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"Till the time this Ukraine-Russia war kind of scenario does not subside completely, uncertainty is likely to loom over markets across the globe. So in such times, it's advisable not to trade aggressively and avoid carrying positions overnight," says Sameet Chavan, chief analyst, technical and derivatives, Angel One.
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On the flipside, 17,000 followed by 16,800 is to be seen as make or break levels. In case of any aberration on the global front, market will have to face challenging times after sliding below this sacrosanct support, says Sameet Chavan of AngelOne
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Immediate targets for the Nifty are seen around 16,000-16,100, derived from the channel breakout on the weekly chart.
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Shares of battery-makers saw traction after reports that the American clean-energy and electric-vehicle company Tesla will begin its operations in India in 2021.
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We observed formation of a bullish engulfing pattern in the last week and the stock price is now showing a follow-through up move in this week
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PE multiple is widely used as a valuation tool that helps in screening a stock on a relative basis.
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RBL Bank is likely to see improving return profile over the next couple of years, due to improving advances & loan mix, higher CASA, lower cost ratios and improving asset quality
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Here is a list of top three stocks which could give up to 12% return in short term.
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Prakash Gaba of prakashgaba.com recommends buying Wockhardt with target at Rs 840 and stop loss at Rs 770 while he has a sell on Bank of India with target at Rs 96 and stop loss at Rs 108.
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Nifty and Bank Nifty both continue to remain in the Lower Top Lower Bottom structure. Nifty is precariously poised above the 200-DMA of 10,100 while Bank Nifty too is managing to currently hold above its yearly mean of 24,500.
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Going forward, Nifty has an immediate support near 10285 and if it sustains below this level will lead to a further correction towards 10210 and 10141 levels respectively.
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South Indian Bank, Eveready, ITC and Bharti Airtel, among others, are being tracked by investors on Thursday.
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Ashish Kyal of Waves Strategy Advisors is of the view that one may buy Titan Company with a target of Rs 855.
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Sumeet Jain of Destimoney Securities is of the view that one may buy Polaris Consulting with a target of Rs 384.
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Motilal Oswal has maintained a buy on State Bank of India with an upside potential of 25 percent while it feels that Tata Motors with its strong JLR numbers can give 36 percent return.
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Jay Thakkar of Anand Rathi Securities is of the view that one may sell RBL Bank Future with a target of Rs 506.
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Motilal Oswal has maintained a buy on Eveready Industries with a target price of Rs 358, an upside of 15 percent and sees growth acceleration led by LED and appliances.
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Rajat Bose of rajatkbose.com advises buying Reliance Capital, Apollo Tyres and Eveready Industries.
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According to Mitessh Thakkar of mitsshthakkar.com, one may buy Ashok Leyland and MMTC.
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Ashish Kyal of wavesstrategy.com suggests buying Indraprastha Gas with a target of Rs 1138 and Jet Airways with a target of Rs 525.
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Jay Thakkar of Sharekhan advises buying Bliss GVS Pharma with a target of Rs 187.
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Mitessh Thakkar of miteshthacker.com recommends buying Eveready Industries, NBCC, Colgate Palmolive and Godrej Consumer Products.
