The Nifty is likely to consolidate in the range 22,300 – 21,700 in the absence of any near term triggers ahead of the quarterly results announcement which starts during April, says Jatin Gedia.
There is sharp build-up near 22,000 Call open interest indicating big players are not expecting this level to be broken easily over next few days on the Nifty 50.
The charts of heavyweight stocks, i.e., HDFC Bank & ICICI Bank in Nifty Private Banks index, are exhibiting promising signs, says Sudeep Shah of SBI Securities.
Bank Nifty is in positive zone and we are optimistic that the index can touch the levels of 50,000 over coming weeks, says Ashish Kyal.
Being passionate about derivative after a decade of struggle, Shilpa Rout, Derivative Lead Analyst and AVP – Research at Prabhudas Lilladher, suggests taking Bull Call spread on Nifty monthly expiry with buying 22,500 CE buy and selling 23,100 CE.
One can go with Bull Call Spread to play the expected 500 points in Nifty and 1,000 points in Bank Nifty, Shivangi Sarda advised.
The healthcare stocks offer a valuation advantage which will keep a safety net in place, says Indiacharts' Rohit Srivastava.
Ashish Kyal is optimistic that the Nifty IT will cross to lifetime high levels near Rs 39,500 levels soon.
Basis the Chart formations & relative strength modelling, Sudeep Shah expects Oil & Gas, Auto, PSU Bank, Pharma, IT & Defence space to continue outperforming the broader indices in the coming few weeks.
Vinay Rajani of HDFC Securities ruled out possibility of Nifty breaking 20,500 mark.
The Adani group of stocks are interesting because a year back they went down on negative news, says Rohit Srivastava.
Shitij Gandhi of SMC Global is not bearish on Bank Nifty. Bank Nifty could find support near 45,550 zone.
Nifty realty has shown good rally of 130 percent since March 2023 and is currently trading near 844 levels.
Irrespective of benchmark index’s move, the IT space is likely to outperform in the near term. It has already completed its 20-month price wise as well as time wise correction phase, Sameet Chavan says.
Short term midcap indices are more overbought since they moved first and therefore yes, they can pullback more but eventually they will perform better during a bull market, says Rohit Srivastava.
Examination of Relative Strength reveals that the largecaps will start performing relatively better than the broader markets, says Milan Vaishnav.
Over next few months IT sector will be in focus and can take leadership role for up move, says Ashish Kyal.
The Double Top is a bearish reversal pattern and forms after the asset (stock, index etc) hits two consecutive peak levels, with a correction in between that two peak levels (sort of 'M' kind of formation).
JIgar Patel thinks that Bank Nifty might break the October low in the coming 1-2 months.
Power Finance Corporation is overbought on both daily and weekly charts, says Milan Vaishnav of Gemstone.
Nifty in month of November can move between broad range of 19,700 – 19,100 levels, says Ashish Kyal.
Rohit Srivastava of Indiacharts feels if the Nifty picks up in the next few weeks, the momentum will go back to sectors like PSUs and Autos
Last week, CDSL has already registered fresh all-time high on weekly closing basis. "We don’t expect major correction in the stock in the near term," Vinay Rajani says.
Sonata Software and Karur Vysya Bank are among the stocks which are likely to do well in the current week. Both the stocks are showing good momentum which is supported by volumes.
Overall trend for Nifty50 seems to have reversed from UP to DOWN, says Jay Thakkar of Sharekhan by BNP Paribas.