We would advise to buy Bank Nifty on some dips towards 21,300 for targets of 21,750-21,800.
The actual weakness would start only if Nifty sustains below 10,870, till then, one should continue with a stock-specific positive bias.
Nifty is up 9 percent, while mid-cap and small-cap indices are up 4 and 6 percent, respectively, from the last derivatives expiry till date.
Most experts favour quality stocks, saying once the pandemic is brought under control, these will be first to gain.
Though the BSE realty index has fallen 47% in three months, Jefferies says only the strong will survive and make gains.
A reduction in personal income tax will lead to higher consumption and will be positive for many sectors, especially autos and consumers, said experts.
VK Vijaykumar of Geojit Financial Service feels the proposed AIF is better than the earlier one since this also includes projects referred to NCLT.
Above 11800, Nifty could extend the gains towards 12000. Stock specific bullish move is expected to be there in the markets.
According to CLSA, GDP growth in FY20 is likely to be around 6 percent, much lower lower than the RBI's 6.9 percent projection.
Sectors with positive outlooks are real estate, small appliances and branded apparel, while outlook on autos, select staples and global commodities is more cautious.
RBI has cut down the benchmark repo rate by 35 bps to 5.40 percent, fourth rate cut in a row to boost housing demand and a breather for developers
Nifty formed a Bullish Engulfing Candlestick pattern on the daily chart. The move came after the index found support around its 50-DMA of 11680 levels.
A break above 11,800 levels could see further buying in Nifty while a break below 11,600 could see bears reclaiming their hold on D-Street
Few large-cap stocks are performing well that are contributing high in the index gain. However, if we talk about mid and smallcap, steam is gathering to give a breakout based on the charts
The relative strength index (RSI) on the Nifty50 daily chart has formed a negative divergence, but a new high cannot be ruled out on a sustained trade above 11,680.
Rate cut usually acts as a sentiment booster and aid companies that have to service large debts
Ashwani Gujral of ashwanigujral.com suggests selling Ceat with a target of Rs 126.
Rajesh Agarwal of AUM Capital recommends buying PVR with stop loss at Rs 1482 and target of Rs 1560, Jubilant Foodworks with stop loss at Rs 1298 and target of Rs 1365 and Godrej Properties with stop loss at Rs 680 and target of Rs 723.
In the current scenario, as the Nifty has already corrected in the last two sessions, we expect the index to maintain the rhythm and the current corrective consolidation to mature in the coming 1-2 sessions
The Sensex and Nifty rallied more than 9 percent each to scale new highs of 38,989.65 and 11,760.20 respectively in current week while the BSE Midcap index jumped over 8 percent and Smallcap climbed over 6 percent in two months.
Prashanth Tapse of Mehta Group said the impact of GST on macroeconomic indicators is likely to be very positive in the medium-term
We are bullish on Oberoi Realty and Godrej Properties with target price of Rs 685 and Rs 950 respectively, says Sumit Bilgaiyan, Founder of Equity99.
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