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The market is expected to remain directionless in the upcoming sessions until it decisively breaks the trading range of May 15. Below are some short-term trading ideas to consider.
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With the overall sentiment remaining bullish, any pullbacks towards the support zone should be viewed as buying opportunities in the Bank Nifty.
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Trent had seen an ‘Impulsive’ upmove in the month of February which was followed by a consolidation phase in last one month. The prices have now given a breakout from this consolidation indicating a continuation of its short term uptrend.
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Force Motors has witnessed a sharp upmove from its trendline support. In the recent past, the pullback moves have resisted around its '200 EMA' (exponential moving average). Thus, we could see a continuation of this resistance towards this average which is now seen around Rs 1,157.
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Indoco Remedies has given a falling trendline breakout with a rise in volume activity. The stock has broken above the previous swing high and negated the lower high lower low formation. The RSI indicator can also be seen giving a trendline breakout and confirming the bullish view.
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MRPL has bottomed out at Rs 40 levels with double bottom price formation and currently sustaining at multi-year high with strong volume support on the weekly charts.
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What a classic setup we are having MCX India, precise Bullish BAT pattern on daily chart with N wave completed near potential reversal zone of Rs 1,200-1,220.
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Although the trend continues to be positive, the oscillators are deeply overbought and hence the risk reward ratio for fresh buying is not favourable for Vaishali Pharma.
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Elara said NBFCs are expected to bear the brunt of tightening liquidity, down 18.6 percent YoY, whereas banks would benefit, up 69 percent YoY, due to improving credit deposit ratios and improvement in pricing power, given the stress in the NBFC space.
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Traders can accumulate the stock in a range of Rs 82-83 for the upside target of Rs 94 with a stop loss below Rs 75.
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Nifty is expected to trade in the range of 10,450 to 10,650 but with a positive bias, says Shitij Gandhi of SMC Global Securities.
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Rajesh Agarwal of AUM Capital advises buying M&M with a target of Rs 810.
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Shabbir Kayyumi of Narnolia Financial Advisors said if Nifty50 manages to sustain and hold above the 10,650 level, then there is a possibility of extending move towards 10,750 and then 10,850 levels.
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Mitessh Thakkar of mitesshthakkar.com suggests selling Century Textiles & Industries with a stop loss of Rs 846 and target of Rs 815 and CESC with a stop loss of Rs 883 and target of Rs 830.
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Rajesh Agarwal of AUM Capital recommends buying Wockhardt with stop loss at Rs 654 and target of Rs 700, Deepak Nitrite with stop loss at Rs 264 and target of Rs 285 and Dhampur Sugar with stop loss at Rs 112 and target of Rs 125.
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"The Index has formed 'Bearish Belt Hold' candlestick pattern indicating downfall to continue in near term. It is heading towards 10,127 levels which is the 200 Simple Moving Average (SMA) which might work as immediate support zone," says Rajesh Agarwal of AUM Capital.
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Jay Thakkar of Anand Rathi Securities is of the view that one may buy Arvind with a target of Rs 404.
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Mitessh Thakkar of mitesshthakkar.com is of the view that one can sell IRB Infra and can buy Mahindra & Mahindra.
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Gaurav Ratnaparkhi of Sharekhan is of the view that one may buy Jet Airways with a target of Rs 795.
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The rally which started in the crude oil price may not be over yet. Most experts tracking the commodity sees it heading towards $80-90/bbl in the next two years.
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Mitessh Thakkar of mitesshthakkar.com is of the view that one may buy DLF on dips.
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Sudarshan Sukhani of s2analytics.com is of the view that one can buy Divis Laboratories, Hexaware Technologies and MRPL and can sell Bharti Infratel and Just Dial.
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Mitessh Thakkar of mitesshthakkar.com recommends buying Dish TV with a stop loss of Rs 79 and target of Rs 85, a buy on GMR Infra with a stop loss of Rs 19.20 and target of Rs 21 and a buy on JSW Energy with a stop loss of Rs 84 and target of Rs 91.
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ONGC is in the process of commissioning 20 projects on the back of which ONGC’s gas volumes are poised to revive by 37 percent over the next four years, Jal Irani, Oil & Gas Analyst at Edelweiss Financial Services added.
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According to Prakash Gaba of prakashgaba.com, Nifty is up and an upside to 10340 is a possibility as long as 10175 holds. The crucial support for Nifty is at 10175-10089 and the resistance is at 10340. Bank Nifty on the other hand has support at 25600 and resistance at 26000.
