The road ahead for the market is bumpy and a lot will depend on the course of coronavirus pandemic. Moreover, global cues and measures of governments and central banks will remain important factors for the market.
The market is expected to break out of its 3-month high soon and Nifty may hit 10,300 this week itself, feels an expert
Positional Support for Nifty is seen at 8,900, and unless that is breached, the short-term trend of the market would be considered bullish only.
Last week, FIIs bought equities worth Rs 1,790.6 crore, while Domestic Institutional Investors sold equities worth of Rs 2,620.48 crore
The primary trend of Nifty is bullish as the index is trading above its 50, 100 and 200 DMAs. Higher tops and higher bottoms are well intact. So, technical indicators are suggesting that the positional trend of the market is bullish.
DII and FII buying at various bottoms have arrested the downfall and we see buying interest from various market participants, said Vijay Kuppa of Orowealth.
Market experts advise a prudent, stock-specific approach in such an uncertain market
Mitessh Thakkar of mitesshthakkar.com suggests buying Granules India with a stop loss of Rs 99 and target of Rs 106, NBCC with a stop loss of Rs 55 and target of Rs 64 and Torrent Pharma with a stop loss of Rs 1677 and target of Rs 1800.
On the lower side, 11484 followed by 11436 would now be seen as immediate and crucial supports. At this juncture, a strategy would be to focus on individual pockets that are providing better trading opportunities, says Sameet Chavan of Angel Broking.
Mitessh Thakkar of mitesshthakkar.com suggests buying Balrampur Chini with a stop loss of Rs 76 and target of Rs 81, Bosch with a stop loss of Rs 20,900 and target of Rs 22,000 and Cadila Heathcare with a stop loss of Rs 412 and target of Rs 445.
Ashwani Gujral of ashwanigujral.com suggests buying Dr Reddy's Labs with a stop loss of Rs 2470, target of Rs 2550, NIIT Tech with a stop loss of Rs 1395, target of Rs 1430 and Bank of Baroda with a stop loss of Rs 148, target of Rs 160.
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.
Mitessh Thakkar of mitesshthakkar.com recommends buying KPIT Technologies with a stop loss of Rs 301 and target of Rs 320 and Sun Pharmaceutical Industries with a stop loss of Rs 564 and target of Rs 595 and advises selling Colgate Palmolive with a stop loss of Rs 1136 and target of Rs 1090.
Granules India 1QFY19 sales grew 17 percent YoY to Rs 450 crore, led by finished dosages and APIs.
Going forward, earnings will play a big role in pushing the market to new frontiers but stock specific action will continue.
Sudarshan Sukhani of s2analytics.com is of the view that one may buy Britannia Industries with a target Rs 6540.
Vinay Rajani, Technical Analyst, PCG Desk at HDFC Securities recommends buying Thomas Cook with target at Rs 325 and stop loss at Rs 260 and a buy also on NRB Bearing with target at Rs 195 and stop loss at Rs 168.
Jay Thakkar of Anand Rathi Securities advises buying Redington with a target of Rs 205.
Sandeep Wagle of powermywealth.com suggests buying Jindal Steel & Power and Granules India.
Sudarshan Sukhani of s2analytics.com is of the view that one can buy KPIT Tech, JSW Energy, Hindustan Unilever and Granules India and can sell Canara Bank.
Sudarshan Sukhani of s2analytics.com is of the view that one can buy Granules India, Hindustan Unilever, Ramco Cements and HCL Tech and can hold Future Consumer.
VK Sharma, Head - PCG and Capital Market Strategy at HDFC Securities is of the view that one can buy Federal Bank 115 Call, RBL Bank 550 Call and Sun Pharmaceutical Industries 660 Call.
Pankaj Jain of SW Capital is of the view that one may buy HCL Info with a target of Rs 62.
The Nifty closed at a new all-time high on Friday and seen small consolidation at breakout levels. Crossing and sustaining above 10500 levels on a tradable basis, the index can be expected to rally towards 10700 levels and then 10840 odd levels on the upside.
Mitessh Thakkar of mitesshthakkar.com is of the view that one may hold Tata Global Beverage.