Mazhar Mohammad said it looks prudent on the part of traders to refrain from creating short positions in anticipation of a corrective swing unless weakness gets confirmed in one or the other way
The global investment bank expects returns to be driven largely by earnings with potential valuation overshoot in the near-term.
Mandatory long-term third-party insurance and increasing acquisition costs on new safety norms and stricter Bharat Stage VI emission norms also plagued the stock performance.
Here are six top stocks that brokerages upgraded to 'buy' in March
Sudarshan Sukhani of s2analytics.com recommends buying Tata Chemicals with stop loss at Rs 581 and target of Rs 610, Godrej Consumer Products with stop loss at Rs 709 and target of Rs 725 and Interglobe Aviation with stop loss at Rs 1305 and target of Rs 1342.
Short-term support is seen at 11,200 in Nifty and 28,800 in Bank Nifty, and any dip should be accumulated for the upside target of 11,760 in Nifty and 30,400 in BankNifty.
Mazhar Mohammad of Chartviewindia.in said sell signals on lower time frame charts accompanied with negative advance decline ratio for second day in a row is pointing towards creeping weakness in the broader markets.
All eyes would be now on Q4FY19 earnings season, global cues (oil prices, currency movement, relations between economic giants) and domestic cues
We recommend investors to start accumulating quality midcap stocks to ride the next leg of major up move (around 30 percent from hereon)
Bank Nifty remains a buy on dip till it trades above 28,750.
Rebalancing is mostly considered for lumpsum investments and with a long tenure in mind.
For next week, Nifty has strong support at 11,365-11,255 and resistance at 11,525-11,650 range, says Sumit Bilgaiyan
Company's subsidiary Novel has received a letter from the USFDA for its Somerset (New Jersey) facility
On the higher side, 11500 followed by 11600 would be the immediate levels to watch out for and on the downside, 11370 and 11300 should be seen as important supports in the forthcoming week.
Sudarshan Sukhani of s2analytics.com recommends buying Bajaj Auto with stop loss at Rs 2998 and target of Rs 3058, HCL Tech with stop loss at Rs 1010 and target of Rs 1048 and HDFC Bank with stop loss at Rs 2238 and target of Rs 2275.
Bollinger Bands are a type of statistical chart characterizing the prices and volatility over time of a financial instrument or commodity.
On immediate basis, 11,300 now acts as key support for Nifty monthly with next major placed at 11,000. Participant data points towards the bullish bias of Foreign Institutional Investor.
A high of 11,383.45 will act as an immediate resistance above which the momentum will resume till 11,465 – 11,523 levels, respectively. On the flip side, the gap area of 11,227 – 11,180.90 will act as strong support on the index.
Traders should use the Pivot Point in conjunction with other technical indicators to maximize their odds of success.
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.
Mazhar Mohammad of Chartviewindia.in said in next trading session if Nifty slips below 11,370 kind of levels then it may set the tone for near term weakness in the index.
Given near-term earnings visibility in South-based cement companies, they could outperform in the short run, according to the brokerage.
We advise to continue maintain a strict trailing stop loss on long position, and book profit at higher level on weakness.
Rajat Bose of rajatkbose.com recommends buying Mindtree with stop loss below Rs 941 for targets of Rs 967 and Rs 974, United Spirits only above Rs 591 with stop loss below Rs 584 for targets of Rs 599 and Rs 607 and Advanced Enzyme with stop loss below Rs 177.50 for targets of Rs 185.50 and Rs 187.
The Nifty50 has broken out from a rising channel pattern which is likely to lift the index towards its previous all-time highs.