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The market needs a close above short-term moving averages for an upward journey; until then, consolidation may continue. Below are some short-term trading ideas to consider.
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The benchmark indices may sustain the negative trend, with focus on the outcome of the two-day Federal Reserve policy meeting, which is due on December 18. Below are some trading ideas for the near term.
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Ashok Leyland formed long bullish candlestick pattern on the daily charts. The stock has formed Tweezer Bottom kind of candlestick pattern, the bullish reversal pattern, and traded above all key moving averages.
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Oil India hit the highest level since November 2014 during the day and formed strong bullish candlestick pattern with long upper shadow on the daily scale, with robust volumes, especially after consolidation for more than a week.
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It appears that the Nifty Index is currently in a rangebound trend between 19,234 – 19,645 levels in the short to medium term
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A conclusive break above the 19,700 levels on Nifty, especially on a closing basis, would potentially open the path for further upward movement, with an eye towards the 20,000 mark.
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Mahindra Holidays and Resorts India formed a bullish candlestick pattern with long upper shadow on the daily timeframe. The trading volume was robust and also there was a decisive breakout of downward sloping resistance trendline, which is a positive sign.
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Traders are advised to hold longs with trailing stoploss of 19,200 in Nifty on the closing basis.
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Smallcap index ended up forming “Harami” candlestick pattern on the daily charts, which creates some chances of resuming primary uptrend. However, confirmation will come by looking at the direction in which index opens on June 27.
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RITES surged nearly 9 percent to Rs 380 and formed robust bullish candlestick pattern on the daily scale with large volumes, trading above all key moving averages (21, 50, 100 and 200-day EMA). It has decisively broken more than a month long consolidation.
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The 17,600 level is expected to be crucial for further direction of the Nifty50 going forward and, if the index manages to hold the 17,500-17,600 area, then 18,000 can be a possibility in coming sessions, experts said
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Borosil Renewables has decisively seen Flag pattern breakout on April 20 with 7 percent rally, followed by another 4 percent upside on April 21. The stock on both days has formed long bullish candlestick pattern on the daily charts, getting back above 50 and 100-day EMA on closing basis and hitting 200-day EMA intraday on Friday.
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Trent has recently seen some buying traction and hovers well above all its major EMAs (exponential moving averages) on the daily chart, adding to a bullish quotient.
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Lemon Tree's stock is currently experiencing a strong uptrend, characterized by a consistent formation of Higher Highs and Higher Lows. This indicates that the stock is maintaining an upward momentum and is exhibiting a positive trend in its price movements.
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Breaching either side of 18,200-18,450 range can give some kind of direction to the market in the coming days, but having a monthly expiry and FOMC minutes scheduled this week, volatility and consolidation is at the top before any kind of big move on either side of range
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Technically, since its listing, PB Fintech remained in a gradual decline, however, in the last few months the pace of the fall flatten, which is resulting in a positive divergence. It is an indication of the change in the prevailing trend.
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Primary trend of EIH is positive as it is trading above its all important short term and long term moving averages. Momentum oscillators like RSI and MFI are placed above 60 and rising upwards, indicating strength in the current uptrend of the stock.
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Primary trend of HSIL is positive as it is trading above its all short and long-term moving averages. Momentum oscillators like RSI and MFI are placed above 60 and rising upwards, indicating strength
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The Nifty 50 lost 0.8 percent last week but stayed consistently above the crucial 17,000 mark as well as the 200-day moving average of about 17,030 in the past six straight sessions. The first half of this week will likely give a fair idea of the short-term direction
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Mahindra Holidays seems to have registered a consolidation breakout on huge volumes after remaining sideways for almost 9 weeks. Hence, sustaining above Rs 213 levels it can head higher to test its interim top of Rs 267 registered in the month of November 2021.
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The Nifty 50 must surpass 16,800-17,000 levels to gain strength, which is possible if geopolitical tensions ease. However, 16,400-16,200 will act as crucial support levels, experts said.
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SBI Securities is bullish on multiplex; travel; fashion, QSR and fine dine; and commercial rental businesses.
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As the world reopens, investors can look at companies like IRCTC, IndiGo, Mahindra Holidays among others
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Immediate support for Nifty is placed in the range of 14,100-14,200 where we have seen Put writing.
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To ride the momentum which is on an upside, the brokerage house recommends investors to add companies which are exhibiting improvement in earnings and showcasing strong volume growth.
