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The 24,500 level is likely to be key resistance as long as the Nifty 50 holds 24,200 support, and above this, 24,800 is the level to watch. Here are some trading ideas for the near term.
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The Nifty 50 is likely to consolidate with immediate resistance at 24,200 and support at 24,000. Here are some trading ideas for the near term.
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Aster DM Healthcare has formed Bullish Engulfing kind of candlestick pattern on the daily charts with above average volumes, and closed 5 percent higher at Rs 319.4. The stock is on the verge of falling trendline breakout.
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Jyothy Labs has seen robust trading volumes in two consecutive sessions, and traded way above key moving averages (20, 50 and 200-day EMA - exponential moving average).
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Jubilant Foodworks settled 2.4 percent higher at Rs 534 in the last session, the highest closing since December 9. The stock formed long bullish candle on the daily charts with above average volumes, making higher high higher low formation for second consecutive session.
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Minda Corporation has witnessed an ‘Inverted Head & Shoulder’ pattern breakout on the daily chart, which has been backed by robust volumes. The technical indicators construe a firm setup in the stock price, and it is expected to continue its upward journey in the comparable period.
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Cochin Shipyard erased gains but still closed in green with 0.4 percent gains at Rs 527.10, forming small bodied bullish candle which resembles Shooting Star kind of pattern on the daily charts which is trend reversal pattern.
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Post breakout from the rounding bottom pattern in August 2022, Jyothy Labs prices retested the neckline and have shown a bounce on upside pointing towards beginning of the trend on the upside.
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The momentum could get concentrated to fewer stocks and sectors and hence, traders need to be very selective in stock picking for trading, expert advises
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On the upside, reaching the new milestone of 16,000 has become challenging and the market seems to be waiting for some sort of trigger to reach that level.
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Since FY17, the market's performance was mostly driven by a handful of stocks, as broader indices underperformed significantly.
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Markets may remain volatile in the coming week and traders should keep stock-specific action on the radar.
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BSE Sensex and Nifty50 have rallied nearly 12 percent each since the week ended June 12. Both the indices have surged more than 48 percent each from their March 23 low
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There has never been dearth of quality and alpha-generating stocks in the market irrespective of cycles. Hence, investors may still invest in quality stocks, said an expert
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Harendra Kumar of Elara Capital said given the overall robustness in earnings recovery, 2019 could well be a year of midcaps and smallcaps.
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With markets hitting fresh highs, most experts said there is need for a portfolio rejig and investors should add stocks that are showing growth
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We suggest investors to focus on consumer discretionary, IT, private banks and pharma and high quality midcaps for which prices have become cheaper after the consolidation in the last six months, says Vinod Nair of Geojit Financial Services.
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Traders can accumulate the stock in a range of Rs 235-240 for the upside target of Rs 271 levels with a stop loss below Rs 215, says Shitij Gandhi of SMC Global.
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Shitij Gandhi of SMC Global Securities said the Nifty can move towards 10,800-10,820 levels this week as the market undertone remains bullish.
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Rajesh Agarwal of AUM Capital recommends buying Aurobindo Pharma with stop loss at Rs 612 and target of Rs 645, Bandhan Bank with stop loss at Rs 545 and target of Rs 575 and Marico with stop loss at Rs 335 and target of Rs 349.
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We recommend buying Jyothi Lab for the target of Rs 502 and keep a stop loss below Rs 445, says Vinay Rajani of HDFC Securities.
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The index is currently trading above its 20, 50, 100 and 200-day daily moving average, indicating a bullish trend on all time frames. It has been forming higher tops and bottoms on the daily charts, confirming a bullish set up.
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Vinay Rajani of HDFC Securities recommends buying United Breweries with target at Rs 1,370 and stop loss at Rs 1230 and Tata Elxsi with target at Rs 1,390 and stop loss at Rs 1,240.
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Watch the interview of SP Tulsian of sptulsian.com with Latha Venkatesh, Anuj Singhal, and Sonia Shenoy of CNBC-TV18, where he shared his readings and outlook on the fundamentals of the market, and specific stocks and sectors.
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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.
