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Given the weak sentiment, the market may extend its downward journey in the upcoming sessions. Below are some trading ideas for the near term.
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On mid term charts, IRB Infrastructure is moving in an uptrend since March 2020. The stock has seen expansion in volumes with every price rise indicating participation in the counter. The stock has formed a CIP formation (Change in Polarity) at Rs 190 level and the stock is currently bouncing off the same levels.
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Trade Spotlight | Here's what Mazhar Mohammad of Chartviewindia.in recommends investors should do with these stocks when the market resumes trading today
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Neeraj Chadawar of Axis Securities believes that market volatility is likely to provide good opportunities for Midcaps and Small caps.
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Most analysts say investors should consider buying beaten-down stocks, but with a time horizon of 1-2 years..
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For Yes Bank, the next crucial support exists at Rs 160 and it may take a breather around that level, Jayant Manglik of Religare Broking said
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Rajesh Agarwal of AUM Capital recommends buying Infibeam Avenues with stop loss at Rs 208 and target of Rs 230, Torrent Power with stop loss at Rs 223 and target of Rs 239 and JB Chemicals with stop loss at Rs 295 and target of Rs 315.
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We expect, Infibeam to rally towards its potential target of Rs 211 in the medium-term, says Hadrien Mendonca of IIFL.
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The party in the mid and smallcap space may have just begun as the Nifty Midcap 100 index and the Nifty Smallcap 100 index both have broken out from a falling wedge pattern on the daily chart indicating that this space is all set to attract a lot of attention.
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Rajesh Agarwal of AUM Capital recommends buying Jindal Steel & Power with a stop loss at Rs 213 and target of Rs 223, Capital First with stop loss at Rs 568 and target of Rs 594 and United Breweries with stop loss at Rs 1175 and target of Rs 1230.
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Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 21.5 points or 0.2 percent. Nifty futures were trading around 10,769-level on the Singaporean Exchange.
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After a staggering bullish candlestick pattern on its daily price chart on Thursday, the Nifty index formed a longer shadow pattern on weekly price chart indicating a positive trend over the immediate resistance of 10,818 levels.
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Experts see the Nifty consolidating this week with a positive bias. “The bullish momentum is likely to continue as long as it holds above 10,550 levels.”
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Going forward, if Nifty fails to trade above 10290 can resume the corrective wave dragging the Index lower to levels of 10080-10000.
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"On the weekly chart, Infibeam Incorporation Ltd. is on the verge of a breakout from a trend line resistance placed at Rs 158. Breakout with healthy volumes can trigger a bull trend reversal," says Aditya Agarwala of YES Securities (I) Ltd.
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"The Nifty has taken support around its major moving average of 200 SMA i.e. 10,160 levels which might work as strong support zone in near term. Sustenance trade below 10140 marks may drag Index further lower till 9,900-10,000 zones," says Rajesh Agarwal of AUM Capital.
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Prakash Gaba of prakashgaba.com is of the view that Infibeam can climb to Rs 165 while PC Jeweller may slide to Rs 520.
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Ashwani Gujral of ashwanigujral.com is of the view that one may buy Divis Lab with a target of Rs 1165.
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Mitessh Thakkar of mitesshthakkar.com advises buying Infibeam Incorporation and Sun Pharma.
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Ashish Kyal of Waves Strategy Advisors is of the view that one may buy Titan Company with a target of Rs 855.
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Rajat Bose of rajatkbose.com suggests buying Biocon, Ajanta Pharma and Aurobindo Pharma November futures while he feels that Infibeam Incorporation is likely to hit Rs 156.
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Stocks which gave multibaggers returns in the December quarter of 2016 include names like SE Power, Kushal Tradelink, India Metals, Vama Industries, HM Sugar Mills, Indokem, Atlas Jewellery, Niraj Cement etc. among others.
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Investor wealth saw an erosion of over Rs 6 lakh crore on the BSE in the past seven trading session dragged down by massive selling in the stock market where the S&P BSE Sensex tumbled by as much as 1,340 points.
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In an interview to CNBC-TV18's Latha Venkatesh and Anuj Singhal, SP Tulsian of sptulsian.com shared his views and outlook on the fundamentals of the market and specific stocks.
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Vishal Malkan of malkansview.com suggests buying Arvind with a target of Rs 425.
