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Sudarshan Sukhani of s2analytics.com suggests buying ACC with stop loss at Rs 1505 and target of Rs 1580 and HCL Technologies with stop loss at Rs 1070 and target of Rs 1100.
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We expect it to correct and revert to mean with a stop loss placed at Rs 1120 and a target of Rs 1050, says Mustafa Nadeem of Epic Research.
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Technically, the index formed a Bearish Candle on the daily scale which suggests that bears are putting pressure at higher levels.
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Rajesh Agarwal of AUM Capital recommends buying JSW Steel with stop loss at Rs 394 and target of Rs 410, Indiabulls Housing Finance with stop loss at Rs 915 and target of Rs 965 and Adani Enterprises with stop loss at Rs 137 and target of Rs 148.
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Traders can buy the stock on dips around Rs 1,105-1,110 with a stop loss below Rs 1,080 and a target of Rs 1,170, says Abhishek Mondal of Guiness Securities.
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Sudarshan Sukhani of s2analytics.com suggests buying Divis Labs with stop loss at Rs 1365 and target of Rs 1425, Hindustan Unilever with stop loss at Rs 1620 and target of Rs 1680 and Infosys with stop loss at Rs 716 and target of Rs 746.
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Immediate support for Nifty is at 10,855. Breaking below this, the next support zone is at 10,640-10,550, says Ashish Chaturmohta of Sanctum Wealth Management
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Mitessh Thakkar of mitesshthakkar.com is of the view that one can buy Aurobindo Pharma with a stop loss of Rs 720 and target of Rs 755 and sell Equitas Holdings around Rs 131 with stop loss of Rs 136 and target of Rs 120.
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These include names such as IOC, BPCL, Hero MotoCorp, Shree Cements, Ambuja Cements, Havells India, HPCL, ACC, Exide Industries, IGL, and Amara Raja Batteries.
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Mitessh Thakkar of mitesshthakkar.com recommends buying Biocon with a stop loss of Rs 663 and target of Rs 705 and advises selling Container Corporation of India with a stop loss of Rs 628 and target of Rs 585 and Oriental Bank of Commerce with a stop loss of Rs 75.1 and target of Rs 68.
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The rupee corrected more than 13 percent year-to-date and around 5.5 percent in last one month.
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Rajesh Agarwal of AUM Capital recommends buying HCL Technologies with stop loss at Rs 1058 and target of Rs 1100, JK Paper with stop loss at Rs 168 and target of Rs 179 and Ipca Laboratories with a stop loss at Rs 774 and target of Rs 798.
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Mitessh Thakkar of mitesshthakkar.com is of the view that one can buy HCL Tech with a stop loss of Rs 1008 and target of Rs 1060 and can sell Indian Bank with a stop loss of Rs 339.5 and target of Rs 322 and Repco Home with a stop loss of Rs 593 and target of Rs 560.
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On the positive side, if the Nifty chooses to ignore the Hanging Man pattern, then the next hurdle is seen around the 11,640-11,660 levels.
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Rajesh Agarwal of AUM Capital recommends buying Punjab National Bank with stop loss at Rs 82 and target of Rs 88, Bombay Burmah Trading Corporation with stop loss at Rs 1895 and target of Rs 2050 and Marico with stop loss at Rs 373 and target of Rs 395.
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Traders should continue with their buy on dips approach but remain cautious while selecting stocks, says Jayant Manglik of Religare Broking
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Sudarshan Sukhani of s2analytics.com recommends buying Torrent Pharma with a stop loss at Rs 1675 and target of Rs 1735 and NIIT Tech with a stop loss at Rs 1125 and target of Rs 1325.
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Ashwani Gujral of ashwanigujral.com advises buying Raymond with a target Rs 780.
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For the week, Reliance Industries gained 12.31 percent while IDBI Bank jumped 18.88 percent. TCS added 3.56 percent while HCL Technologies gained 4.17 percent and Shilpa Medicare registered a gain of 5.39 percent.
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Centrum Wealth Research said if Indian corporate earnings can experience long term mean-reversion to those levels at 5.30 percent, robust earnings uptick can be expected.
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For a correction to occur, experts state that oil prices have to stay above $80 a barrel and dollar has to increase sharply against the rupee
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Mitessh Thakkar of mitesshthakkar.com recommends buying Exide Industries with a stop loss of Rs 264.9 and target of Rs 280, RBL Bank with a stop loss of Rs 570 and target of Rs 600 and HCL Tech with a stop loss of Rs 949 and target of Rs 985.
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Rajesh Agarwal of AUM Capital recommends buying HCL Technologies with stop loss at Rs 940 and target of Rs 984, Mahanagar Gas with stop loss at Rs 817 and target of Rs 855 and Hexaware Technologies with stop loss at Rs 501 and target of Rs 525.
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As risk-reward ratios are favourable, positional traders should make use of this opportunity to go long on the stock with a stop below Rs 885 for an initial target of Rs 997, says Mazhar Mohammad of Chartviewindia.in.
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With challenges on the macro front and increasing political headwinds faced by the BJP heading into the 2019 general elections, Prabhudas Lilladher believes traders are likely to remain cautious
