Bank Nifty decisively surpassed major resistances in the last week and managed to close above 20 DMA indicating short term trend has reversed. However previous swing high and crucial resistance is standing near 20000 mark.
This war between USA & China may intensify further & may take ugly shape going forward, which may change World Power Equation post-COVID-19 era, Amit Jain of Ashika Wealth Advisors said.
The first round of stimulus announcements failed to cheer investors and the market would now wait for the complete announcements and lockdown 4.0 details for the next move.
The index has given a breakout of inverse head and shoulders pattern on a lower time frame by giving decisive close above 9000 levels and target as this pattern is also around 9600 levels.
Ashwani Gujral of ashwanigujral.com recommends selling Kotak Mahindra Bank with a stop loss of Rs 1,200, target at Rs 1,080 and Tata Consultancy Services with a stop loss of Rs 1,730, target at Rs 1,660.
Prakash Gaba of prakashgaba.com recommends buying Balkrishna Industries with target at Rs 1180 and stop loss at Rs 1143 and Bharti Airtel with target at Rs 582 and stop loss at Rs 554.
Vineeta Sharma of Narnolia Financial Advisors also feels results declared so far have been slightly below their estimate.
Credit Suisse maintained outperform call on the stock and raised price target to Rs 700 (from Rs 665) as it feels Q3 was an all-round beat with yet another guidance raise.
Mitessh Thakkar of mitesshthakkar.com advised buying Apollo Hospitals with a stoploss of Rs 1,440 and a target of Rs 1,500.
As market was testing new highs, emergence of geopolitical tensions could force people to book profits, said experts
Most experts see FII flows moving towards few largecaps in coming year also
Mitesh Thakkar of miteshthakkar.com recommends buying Adani Power with a stop loss below Rs 63 for target of Rs 67 and PAGE Industries with a stop loss of Rs 23200 for target of Rs 24400.
Sudarshan Sukhani of s2analytics.com recommends buying Bosch with stop loss at Rs 15030 and target of Rs 15865 and Bharti Infratel with stop loss at Rs 249 and target of Rs 262.
Sudarshan Sukhani of s2analytics.com recommends buying HCL Tech with stop loss at Rs 542 and target of Rs 585 and ICICI Prudential Life Insurance with stop loss at Rs 487 and target of Rs 515.
Mitesh Thakkar of miteshthakkar.com recommends buying HDFC Bank with a stop loss of Rs 1232 for target of Rs 1265 and JSW Steel with a stop loss of Rs 254 for target of Rs 269.
FII remained net sellers last week as they sold equities worth Rs 1,272.41 crore.
The BSE and NSE will remain open for an hour on October 27 for the Muhurat Trading.
Dinesh Thakkar of Angel Broking said though MF inflows this year have slowed down, he was very confident that MF inflows will pick up from here on as market sentiment improves
There is strong support around 11,000 for Nifty, and, if it breaks below that, the Nifty could test 10,850-10,800 levels, experts feel.
Sudarshan Sukhani of s2analytics.com advises buying NIIT Technologies with target at Rs 1,455 and stop loss at Rs 1,345.
The Nifty could find support around 11,050-10,800 levels, with the 11,250-11,400 zone likely to act as a hurdle.
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.
Prakash Gaba of prakashgaba.com recommends buying Sun Pharma with target at Rs 455 and stop loss at Rs 435.
Sudarshan Sukhani of s2analytics.com recommends buying Mindtree with stop loss of Rs 702 and target of Rs 725 and Pidilite Industries with stop loss at Rs 1215 and target of Rs 1255.