According to Shah, markets are likely to remain in consolidation mode for some more time.
We don't see any particular reason for underperformance of India, Young said, adding they do keep a watch on energy prices due to India's dependence on crude imports
On the options front, maximum Put open interest (OI) is at 11,500 followed by 11,000 strike while maximum Call OI is at 11,700 followed by 12,000 strike.
"Election results do not matter as far as the long term return generation potential of the market is concerned," said Sanjay Dongre of UTI Mutual Fund.
Mazhar Mohammad advised traders to avoid buying the current dip
Nifty is also trading above its two major simple moving averages 100-DMA and 200-DMA that are rising and placed around 11,000. The crossover between them hints at strong uptrend in mid-term
Call Butterfly Spread is bullish to range bound strategy that offers decent reward to risk with low cost
Based on 'time analysis' the market has completed an important price action during the period of 54 and 89 days, which has resulted in a quick round of profit taking at new highs
As per the Fibonacci projections, the short term target of Nifty50 is 12,000 and in upcoming week if 11,856 trades on higher side then we could see a smooth journey towards the target level.
Indicators which give early signals of entry and exit are known as leading indicators. Leading indicators are those created to precede the price movements of a security giving predictive qualities.
A base visually represents a great stock's need to take a break. After a nice run-up in price, preferably 30 percent or more, such a stock will decline -- in most cases, mildly.
Butterfly fits as a correct strategy, hence would like urge you to have Butterfly as a Strategy in your option artillery as it could come very handy at times.
Channel patterns are a commonly used technical analysis tool and majorly a choice of breakout traders.
Nifty continues to remain in an uptrend in the medium term, so buying on dips continues to be our preferred strategy, says Rajesh Palviya of Axis Securities.
For bulls to remain in control they have to push the Nifty back above 11856 levels
"Whichever government comes to power, India stays decisively Left of Centre," said Chokhani.
We would look at auto stocks more closely post elections and how monthly numbers pan out over period of 2-3 months to gauge if there is pickup in volumes.
The most well-known lagging indicators are the moving averages and Bollinger Bands. Here's what these are used for and what they mean
Mazhar Mohammad said sustaining above Tuesday’s gap zone of 11,731–11,704 levels one can remain positive and look for higher targets placed around 12,000 kind of levels.
We expect consumption to pick up post elections due to lower base and phasing out of inventories in the system.
Mazhar Mohammad said nevertheless as apparent weakness on price chart is not visible, traders are advised to focus on stock specific opportunities on long side as long as Nifty sustains above 11,550 kinds of levels.
If Nifty trades lower than 11,540 on closing basis decisively, then we can expect the cut to get deeper till 11,311. Until then, Nifty is likely to pendulum between 11,540 and 11,760, said Manali Bhatia of Rudra Shares
Our preferred themes continue to be banking, IT and consumer. These sectors have various tailwinds in their favour and are likely to deliver decent absolute returns in FY20, said Naveen Kulkarni of Reliance Securities
Nifty breaks the support level of 11,550 and closes below the same, it would drag the sentiment
Any negative outcome from elections and continued slowdown in domestic and global economic growth can lead rupee to go over 70/$