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The market may remain in positive terrain amid elevated volatility. Below are some trading ideas for the near term.
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As long as the Nifty 50 holds 24,800, the upward move towards the psychological 25,000 mark can't be ruled out, with 24,700-24,600 serving as immediate support. Here are some trading ideas for the near term.
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Experts feel the Nifty is likely to correct up to 22,300-22,200 and breaking of the same can take it down up to 22,000 mark, but in case of recovery, 22,700-22,800 may be the key hurdle
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If the Nifty 50 climbs above 22,127, the previous record high, and sustains the level, then 22,300 could be the next hurdle on the higher side, followed by 22,500, while the immediate support will be at 21,950, followed by 21,750
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After the MPC outcome, the benchmark indices saw a rush to book profits, that drove the BSE Sensex down 493 points to 71,659, and the Nifty 50 down 137 points to 21,793, forming a bearish candlestick pattern on the daily charts
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Dr Lal PathLabs has given a breakout of Mother candle of May 12 with bullish candlestick pattern formation and significantly higher volumes. The stock has touched 200-day EMA (Rs 2,140) intraday and finally settled at Rs 2,121, up 4.7 percent.
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The momentum is expected to take the index up to 19,000 mark in the coming days, with immediate support at 18,800, then 18,700-18,500 area, experts said
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Godrej Properties shares rallied 6.5 percent to Rs 1,125 and formed strong bullish candle on the daily scale with strong volumes, continuing uptrend for fifth consecutive session and recouping all its previous seven straight days' losses.
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The monetary policy acts with lags, it may take 3-4 quarters for the policy rate to be transmitted to the real economy, and the peak effect may take as long as 5-6 quarters, said Dhiraj Relli of HDFC Securities.
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Procter & Gamble Health shares had a robust gap up opening on Monday, rising nearly 15 percent to Rs 4,703, the highest closing level since February 16, 2022. In fact, the gap up opening has helped the stock climb over all long term moving averages (50, 100 and 200 EMA). The stock has formed strong bullish candlestick pattern on the daily charts with healthy volumes.
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On the Options front, we have maximum Call Open interest at 19,000 strike, which is Out-Of-Money (OTM) indicating the traders are betting big on 19,000 mark again. Whereas on the Put side, the maximum open interest was at 18,000 strike, suggesting crucial support area for the Nifty in January series
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Dabur India prices on daily timeframe are continuously hovering around the upper Bollinger Band which tells that the volatility of the prices are rising for upmove.
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As markets salute the central bank, we decided to come up with rate-sensitive stocks that experts say can return up to 26 percent over the next 3-6 months
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Federal Bank, ICICI Pru Life Insurance, Oberoi Realty among the stocks. With the Sensex and the Nifty reversing losses after the RBI decision, experts say the Nifty’s next stop could be 17,800. Banking and financial services, FMCG, IT, metal and pharma stocks supported the market.
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Occurrence of a ‘Bullish Hammer’ on weekly scale near the confluence zone of a multi support area of its 200 week EMA reconfirm the strength of its ongoing channel support zone in Zensar Technologies. Trend strength indicator RSI too exhibits a positive crossover along with a likely trend break
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On daily charts, M&M Financial has formed long bullish candle which is broadly positive for the M&M Finance. Unless it is trading below Rs 165 or 200 days SMA, positional traders retain an optimistic stance and look for a target Rs 185-195.
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Moneycontrol has collated a list of rate-sensitive stocks that may be a good buy at current levels or on dips from a 2-3 weeks' perspective. Returns are calculated based on April 7 closing price.
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M&M Financial Services, rising 5.5 percent to Rs 162.10, was the biggest gainer in the futures & options (F&O) segment, while Strides Pharma, adding 3.11 percent to Rs 374.85, was the fifth largest gainer.
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Now the way the market tumbled on Friday, recent swing low of around 16,800 is in jeopardy now. "We will not be surprised to see it happening to test 16,500-16,200 zone on the Nifty50," says Sameet Chavan of Angel One.
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Over the last five years, private sector banks have rapidly gained market share to around 30 percent (2020) from around 18 percent (2015).
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The crucial supports during any correction would be provided by 20-DMA placed at around 11,800 and 5- DMA standing around 11,730, says Shabbir Kayyumi of Narnolia Financial Advisors Ltd.
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On the downside, supports are far, in the band of 11,380-11,400 which is the last week's close and the band of averages.
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An index is likely to remain sideways in the range of 10,880 to 10,680 in the forthcoming trading week with slightly negative bias.
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The higher high higher bottom formation is nicely poised on the daily timeframe. Due to a further rise in the index, its major technical parameters remain in favour of the bulls.
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The road ahead for the market is bumpy and a lot will depend on the course of coronavirus pandemic. Moreover, global cues and measures of governments and central banks will remain important factors for the market.
