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The 18,350-18,400 levels are expected to act as a strong support zone and if held in the forthcoming week, the Nifty will start moving towards 19,000 levels, according to experts
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Karnataka Bank is in a strong uptrend, and it has given a breakout of a flag pattern formation on the daily chart. It has witnessed a multi-month breakout on the longer time frame.
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Karnataka Bank stock gained 6 percent at Rs 89.25, continuing uptrend for seventh consecutive session. In last five trading sessions, the volume was remained above average volumes. It has a given a nice breakout of long downward sloping resistance trend line adjoining August 16, 2022 and April 8, 2019.
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The benchmark indices like Nifty and Sensex could consolidate or may witness minor correction in the near term, as there is no support coming in from global equity markets.
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Short-term trend remains positive for Nifty. Next upside targets for Nifty is seen around 18,350 levels, followed by 18,600. Longs should be protected with stop loss of 17,700.
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Investors look at the dividend yield to ensure a certain amount of return on their investment, even if share prices remain subdued. However, not all of them are attractive
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Day’s closing below 11,900 levels can resume the weakness which can push prices towards the line of parity placed around 11,800 levels.
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Once Nifty surpasses the resistance zone of 12,300, it can march upwards to 12,500 as the level is near the rising trend line and upper band of Bollinger Band.
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DII and FII buying at various bottoms have arrested the downfall and we see buying interest from various market participants, said Vijay Kuppa of Orowealth.
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On the higher side, 11500 followed by 11600 would be the immediate levels to watch out for and on the downside, 11370 and 11300 should be seen as important supports in the forthcoming week.
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The Nifty50 has broken out from a rising channel pattern which is likely to lift the index towards its previous all-time highs.
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Ashwani Gujral of ashwanigujral.com suggests buying Apollo Hospitals with a stop loss of Rs 1120, target of Rs 1160 and Colgate Palmolive with a stop loss of Rs 1110, target of Rs 1155.
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We recommend selling Karnataka Bank for the downside target of 90, keeping a stop loss above Rs 106, says Nandish Shah of HDFC Securities.
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Considering the technical evidence discussed above, we believe that, short-term pullback rally is on the cards and bottom of 10,750 levels should not be violated soon.
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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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Rajesh Agarwal of AUM Capital recommends buying Karnataka Bank with stop loss at Rs 117 and target of Rs 124, GM Breweries with stop loss at Rs 740 and target of Rs 788 and Amara Raja Batteries with stop loss at Rs 875 and target of Rs 914.
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Shabbir Kayyumi of Narnolia Financial Advisors expects sideways to bullish movement for the Nifty in coming sessions, within a range of 11,450 on the higher side and 11,100 on the lower side
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Ashwani Gujral of ashwanigujral.com suggests buying Bajaj Finserv with a stop loss of Rs 6200, target of Rs 6450 and Larsen & Toubro with a stop loss of Rs 1285, target of Rs 1340.
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Prakash Gaba of prakashgaba.com is of the view that one can buy Apollo Hospitals with target at Rs 1060 and stop loss at Rs 1020 and also buy Power Grid with target at Rs 205 and stop loss at Rs 198 while advises selling Indian Oil Corporation with target at Rs 163 and stop loss at Rs 170.
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If the index closes above 10,800, it would result in a further short-covering, this might push it to 10,950 levels.
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Rajesh Agarwal of AUM Capital recommends buying RBL Bank with stop loss at Rs 514 and target at Rs 533, Larsen & Toubro with stop loss at Rs 1350 and target at Rs 1408 and Mahindra & Mahindra Financial Services with stop loss at Rs 485 and target at Rs 519.
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Prakash Gaba of prakashgaba.com is of the view that one can buy Biocon with target at Rs 665 and stop loss at Rs 635 and sell DCB Bank with target at Rs 175 and stop loss at Rs 184.
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Analysts feel India, which imports more than 80 percent of its oil requirements, can manage to absorb up to $80 per barrel but beyond that it could be a major risk.
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Dharmesh Shah of ICICIdirect.com recommends buying Bajaj Finserv with target at Rs 6095 and stop loss at Rs 5190 and has a buy also on Munjal Showa with target at Rs 269 and Stop loss at Rs 208.
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The resistance for Nifty is placed at 10,225-10,300 and the support is at 10,097. Bank Nifty on the other hand has support at 24250 and resistance at 24750, says Prakash Gaba of prakashgaba.com.
