Consistent buying at lower levels suggest that the bulls are here to stay and investors who went long can continue with their positions as long as Nifty holds 10800, suggest experts.
Going forward, the market will closely watch guidance and management commentary of the companies coming out with their earnings
If the weather is favourable during the next 1-2 months, average yield will be more than last year; accordingly, mustard-seed output in the 2018-19 season would be highest in last four years. Output in the 2017-18 season is estimated at 71 lakh tonnes.
Neutral-to-moderately popular stocks outperformed significantly when compared to the most popular stocks in the December quarter, according to a report from Motilal Oswal on contrarian investing.
Mukherjea said it is unlikely that the government will meet the 3.3 percent fiscal deficit target and so whoever comes to power in July will have to do fiscal belt tightening.
Mazhar Mohammad advised traders to remain long by trailing their stop to below 10,800 on closing basis.
"The one difference between China and India is India does have higher growth and potentially upside in terms of earnings growth," said Nomura's Jim McCafferty.
Among top picks, CLSA bets on ONGC, NTPC, Coal India are top buy ideas among non-fin PSUs, and among financials, prefer SBI.
India will probably be a bit of a laggard in 2019, said Mowat.
According to Mazhar Mohammad of Chartviewindia.in, the index may undergo profit booking if it trades below 10,876 levels for atleast one hour in next session.
With regards to earnings expectations, Patil said: "Earnings remain the joker in the pack. Market is expecting strong earnings growth in FY20 but Q3 FY19 is expected to be weak and so one would have to focus on downgrades."
It is prudent to run a relatively defensive large-cap portfolio with sectoral exposure to banks, consumer staples, IT and pharmaceuticals, while keeping an eye out for opportunities that expectation swings might throw up
Mazhar advised traders to buy now and add further of declines towards 10,800 with a stop below 10,770 on closing basis and look for a higher targets beyond 11,000 kind of levels.
'I think time has come for Indian market to start doing much better than what we have seen in the last many months,' Gautam Shah said.
The easing of crude oil prices, persistent weakness in inflationary trends and the easing of bond yields has resulted in a marked improvement in macroeconomic conditions – an important pre-requisite for a rally in Indian equity markets
The upcoming general election in 2019 is an opportunity to invest for the long term
Below 10,670, Nifty could arrest around 10,550, as it has spent maximum time around this level in last 12 months
Weak global cues and a depreciating rupee added to the woes of bulls on Monday.
As advance decline ratio completely favoured the bears traders will be better off to adopt a neutral stance till indices register a directional move, Mazhar Mohammad of Chartviewindia.in said.
Abhijeet Dey, Senior Fund Manager, BNP Paribas Mutual Fund is positive on sectors like private sector banks, insurance companies, consumer staples, paints, media, retail.
The Nifty has a good support at the 10670 mark. As long as it sustains above the mentioned levels, we maintain our cautious view, says Swati A. Hotkar of Nirmal Bang.
Positive to rangebound view on Bank Nifty till it holds above 27,000 zones while rangebound bias on Nifty index till it doesn't surpass 10,925-10,985 zones decisively.
The pattern has the shape of a head and two shoulders. It can act as a reversal or continuation pattern depending on the trend prior to its formation and the type of the Head and Shoulders pattern
The Three White Soldiers pattern can appear after an extended downtrend or a period of consolidation.
Chandan Taparia of Motilal Oswal said now the index has to continue to hold above 10,750-10,777 zones to witness an upmove towards 10,880 then crucial hurdle at 10,925-10,985 zones.