Traders should remain neutral but intraday traders can consider going long if the Nifty sustains above 11,250 for at least 30 minutes in the coming session, says Mazhar Mohammad of Chartviewindia.in.
Going forward, companies that are market leaders in home care and F&R segments are expected to do well in the shorter term.
Astha Jain, Senior Research Analyst at Hem Securities also said if the stock lists at more than 40 percent premium then investors are advised to book partial profit.
Ashwani Gujral of ashwanigujral.com suggests buying Titan Company with a stop loss of Rs 1,045, target at Rs 1,100 and ITC with a stop loss of Rs 192, target at Rs 206.
Bank Nifty is likely to outperform Nifty in the coming trading session as it has witnessed a smaller degree sharp V-shape reversal rally on the daily chart and has neglected its previous week's bearish candlestick pattern.
Traders should avoid long positions and positional traders with a high-risk appetite should consider shorts if the Nifty trades below 11,000, says Mazhar Mohammad.
Despite the bullishness, it is ideal to remain nimble while trading, as the index has again entered its overbought state with an ongoing negative divergence.
Sudarshan Sukhani of s2analytics.com recommends buying Dabur India with a stop loss of Rs 483, target at Rs 513 and Escorts with a stop loss of Rs 1,145, target at Rs 1,220.
If the strength continues beyond 11,250, then the Nifty rally can get expanded towards 11,389, say experts.
BSE Sensex and Nifty50 have rallied nearly 12 percent each since the week ended June 12. Both the indices have surged more than 48 percent each from their March 23 low
Here are the top 15 buying picks by the brokerages which could give upto 26 percent return. (LTP is closing price of July 20)
Mitessh Thakkar of mitesshthakkar.com suggests buying Asian Paints with a stop loss of Rs 1,738, target at Rs 1,780 and Voltas with a stop loss of Rs 589, target at Rs 616.
The focus of the traders should be on mid and smallcaps that are likely to continue their outperformance for the coming weeks and months.
Traders should give preference to booking profits in the next session rather than creating fresh longs at current levels Mazhar Mohammad says.
Arun Kejriwal, a primary capital market expert and owner of AK47, also feels the stock price may adjust near its issue price before the listing
Infosys posted an 11.5 percent YoY growth in net profit at Rs 4,233 crore while Wipro posted a flat 0.11 percent YoY growth in net profit at Rs 2,390.40 crore.
On the weekly scale, the momentum indicator and oscillators are very well in the buy mode. Now, for Nifty to surpass the psychological barrier of 11,000 mark, BankNifty has to participate.
Strategy would enable the traders to take advantage of expected rise in price with decent risk reward.
Mitessh Thakkar of mitesshthakkar.com suggests buying Bharat Electronics with a stop loss of Rs 96.5, target at Rs 104 and Container Corp with a stop loss of Rs 437.5, target at Rs 470.
The implied volatility of Nifty is now comparable to the pre-pandemic levels. This kind of complacency is a little scary considering the changing landscape of the world economy.
Traders are advised to keep following stock-specific moves and the base now remains at 10,660–10,560.
MACD has given a positive crossover with its average near-equilibrium level of zero on the weekly chart suggests positive bias to continue in mid-term as well.
Option data suggests an immediate trading range in between 10,600 to 11,200 zone.
Meanwhile, forming series of higher highs and higher lows, the IT index trended higher yet again, surpassing the peak seen in third week of February 2020.
Considering the overall setup, it's quite evident that a sideways move is expected in coming days with the dominance of bears.