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The market is expected to remain rangebound until it decisively surpasses last Thursday's high. Below are some short-term trading ideas to consider.
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Nifty is in continuation of an uptrend and next resistance for the index is seen in the zone of 22,800-23,000, where Calls have been written.
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Experts are hopeful of further uptrend towards 22,700-22,800 in the coming sessions, with support at 22,300-22,200 levels, and the volatility index diving to November 2023 lows
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In SBI, there was a strong breakout of downward sloping resistance trendline adjoining multiple touchpoints on the weekly charts, with healthy volumes, indicating positive bias in the stock.
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Praj Industries formed bullish candlestick pattern with upper and lower shadows on the daily charts, with above average volumes. The stock traded above all key moving averages, with higher highs, higher lows formation.
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Eicher Motors jumped 2.7 percent to Rs 3,213 and formed bullish candlestick pattern on the daily timeframe for third straight session, which resembles Three White Soldiers kind of pattern.
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Affle India formed long bullish candle on the daily charts with robust volumes. The stock has seen a break out of long downward sloping resistance trend line adjoining January 14 and November 14 this year, as well as short downward sloping resistance trend line adjoining September 13 and November 14 this year.
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In last four months, Graphite India has been forming a good accumulation pattern, which is now about to get matured soon. If we meticulously observe the daily chart, we can see upward rallies on higher volumes and declines on much lower volumes.
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Primary trend of HSIL share price is positive as it is trading above its 100 and 200 day EMA. Oscillators like RSI and MFI (money flow index) are showing strength in the current uptrend of the stock.
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Here's what Shrikant Chouhan of Kotak Securities recommends investors should do with these stocks when the market resumes trading today.
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Nifty Midcap and Smallcap indices outperformed on June 7 by gaining 1.2 percent and 1.5 percent, respectively. Nandish Shah of HDFC Securities believes there is still some upside for the stocks in this space
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The recent rally in some steel stocks has raised the concerns of peak valuations, but brokerages find it in line with their long-term historic mean.
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On the long term, "the resumption of economic activity and the vaccination drive will dictate investor sentiment going forward, hence, we remain bullish on markets," Prashanth Tapse of Mehta Equities said.
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The index witnessed a bearish candle on the weekly charts and going forward it would be difficult for the index to surpass 11000 levels convincingly in a hurry.
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It formed a long bearish candlestick pattern on both daily and weekly price chart.
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The Indian equity market is expected to remain largely volatile on a rangebound level ahead of F&O expiry coupled with interim-budget which is due on 1st February.
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It is advisable to go long on selective opportunities only and use rally to exit the position, and maintain trailing stop-loss, writes Dinesh Rohira of 5nance.com
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Rajesh Agarwal of AUM Capital recommends buying Canara Bank with stop loss at Rs 255 and target of Rs 272 and Graphite India with stop loss at Rs 938 and target of Rs 970.
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Rajesh Agarwal of AUM Capital recommends buying Torrent Power with stop loss at Rs 228 and target of Rs 248, Jubilant Foodworks with stop loss at Rs 1230 and target of Rs 1315 and Graphite India with stop loss at Rs 1010 and target of Rs 1070.
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Macquarie has recently upgraded its Nifty50 target to 12,000 for March 2019. It expects largecaps to perform better than midcaps as the latter is still vulnerable from valuations and flows
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Rajesh Agarwal of AUM Capital suggests buying Century Plyboards with a stoploss of Rs 198 and target of Rs 217.
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Dividend-paying stocks make an ideal portfolio play especially in times of crisis. These stocks tend to absorb the volatility and remain relatively stronger in such a scenario
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Rajesh Agarwal of AUM Capital recommends buying CESC with stop loss at Rs 884 and target of Rs 935, Bandhan Bank with stop loss at Rs 458 and target of Rs 485 and AU Small Finance Bank with stop loss at Rs 599 and target of Rs 645.
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Rajesh Agarwal of AUM Capital recommends buying Hindustan Petroleum Corporation with stop loss at Rs 198 and target of Rs 220, Dredging Corporation with stop loss at Rs 327 and target of Rs 355 and Graphite India with stop loss at Rs 855 and target of Rs 900.
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Rajesh Agarwal of AUM Capital recommends buying Hexaware Technologies with stop loss at Rs 449 and target of Rs 464, Axis Bank with stop loss at Rs 644 and target of Rs 660 and Graphite India with stop loss at Rs 988 and target of Rs 1025.
