Both InterGlobe Aviation (IndiGo) and Tata Motors hold promise but require distinct approaches, said Rahul Ghose.
Gemstone's Milan Vaishnav expects NIfty FMCG to defend March lows and relatively outperform the broader markets.
The upcoming RBI Policy will further dictate the trend which would have a bearing on the benchmark Bank Nifty, wherein any above expectation outcome would led to a gradual up move towards 52,500, said Dharmesh Shah of ICICI Securities.
Considering the current chart structure, weak momentum, and cautious global sentiment, it seems the bears are likely to retain control on the Nifty 50 in the coming sessions.
However, Nifty's move towards 24,200 would not be in a linear manner as bouts of volatility in the backdrop of looming US tariff announcement would prevail wherein, according to Dharmesh Shah of ICICI Securities.
Going ahead, the current chart structure indicates that the Nifty 50 may continue its consolidation for the next couple of sessions before picking its next direction, said Sudeep Shah.
Sudeep Shah advised buying Axis Bank and PCBL for the short term, however, he is bearish on the Nifty IT index.
The IT Index is in a bottoming out process, said Gemstone's Milan Vaishnav.
There is possibility that Nifty can consolidate in between 22,250-22,877 levels in this week. A breach below 22,250 might signal again resumption of down move for possible retest off 21,800 levels, said Ashish Kyal.
Currently, all three major US indices are trading below their short and long-term moving averages. These averages are in falling mode, which is a bearish sign, said Sudeep Shah.
Considering the current chart structure, Manappuram Finance and SRF are both likely to continue their upward journey in the next couple of trading sessions.
For deeper positive retracement, the Nifty 50 needs to close above prior day’s high, until then use pullback to sell for a move to 21,800 levels. Immediate hurdle is at 22,580 on upside, said Ashish Kyal.
Rahul Ghose of Hedged expects the Nifty to be stronger than Bank Nifty once the rebound starts.
For Nifty, the zone of 22,600-22,550 will act as immediate support for the index. If the index slips below the level of 22,550, then we may witness a further correction upto the level of 22,250 level. On the upside, the zone of 23,050-23,100 will act as a crucial hurdle for the index, said Sudeep Shah.
The zone of 22,700-22,650 will act as immediate support for the Nifty 50 as the prior swing low and trendline support are placed in that region. On the upside, the 23,200-23,250 will act as a crucial hurdle for the index, said Sudeep Shah.
The momentum indicators and oscillators suggest strong bearish momentum in the Nifty FMCG index, Sudeep Shah said.
Over short term we can expect market to consolidate between 23,630 to 23300 levels before resuming he positive trend, said Ashish Kyal.
The Nifty 50 continues to underperform its global counterparts, which adds to the overall negative sentiment. This clearly indicates bearish momentum in the index, said Sudeep Shah.
On the Nifty 50, traders should remain cautious as the persistent gap openings and indecisiveness on the charts highlight the possibility of continued volatility, Sudeep Shah of SBI Securities advised.
Sudeep Shah believes the prior swing low zone of 23,260-23,200 will act as crucial support for the Nifty 50. If the index slips below the level of 23,200, then we may witness further correction in the index upto the 22,800 level
Sudeep Shah believes Avenue Supermarts is likely to continue its northward journey in the next couple of trading sessions.
The chart structure of Nifty 50 is indicating sideways to bearish momentum for the next couple of weeks.
While Tata Motors remains in a continuing downtrend, it has shown initial signs of a potential bottom formation, said Milan Vaishnav.
Bank Nifty is likely to achieve 100% Fibonacci retracement level of its recent upward rally. The banking benchmark index Bank Nifty has strongly underperformed frontline indices as it has tumbled by 5.27 percent. This was the steepest decline since February 2022, said Sudeep Shah.
Sudeep Shah believes the Nifty IT is likely to give strong bullish momentum in CY 2025. In July 2024, the index has given a stage-2 Cup pattern breakout on a monthly scale. As per the measure rule of Cup pattern, the upside target is placed at 52,700 level, which is likely to test in the coming calendar year.