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The consolidation is likely to continue until the benchmark indices decisively break the tight range of the past four days on either side. Below are some trading ideas for the near term.
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The market is expected to maintain an upward bias amid likely consolidation, with a focus on the outcome of the RBI monetary policy meeting. Below are some trading ideas for the near term.
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Given the weak sentiment, the Nifty 50 is expected to sustain its downtrend in the upcoming sessions. Below are some trading ideas for the near term.
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PCBL rallied 7.55 percent to Rs 197 on October 6 and formed strong bullish candlestick pattern on the daily charts with multi-fold jump in volumes
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The price chart of KEC International indicates a breakout from a triangular pattern on the daily timeframe, accompanied by significant trading volume.
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Prestige Estates Projects has formed bullish candle pattern on the daily scale, with trading firmly above all key moving averages, while momentum oscillators RSI 14 and MACD with well above zero line remained strong on the daily charts.
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Orient Cement is on the verge of breaking out from the downward sloping trendline on the daily chart, adjoining the highs of September 20 and November 9, 2022.
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PCBL was up nearly 3 percent at Rs 136.35, the highest closing level since September 20 and formed decent bullish candlestick pattern on the daily charts with higher volumes in last 13 consecutive sessions. The stock has been in an uptrend since the double bottom kind of formation.
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SJVN | PSU sector has been outperforming for last two months and same is expected to continue. Stock has been finding support on its 50 days EMA placed at Rs 28 odd levels. Indicators and oscillators setup is bullish on daily and weekly charts.
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In the Options segment, we have seen Put writing at 17,400-17,500 levels. During the last correction, Nifty found support around that level and bounced back. This level also coincides with the 20-day EMA which is currently placed at 17,400 odd levels.
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Going ahead, bias is on the positive side till the time Nifty is holding above 14,800
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Nifty registered a new lifetime high of 12,389 during the week and has been trading with a gain of around 0.81 percent.
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As long as Nifty trades below 12,150, the probability of retesting the lows of 11,800 remains high. Some relief for bulls can be expected on a close above 12,250.
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The stock can be bought at current level and on dips towards Rs 275 with a stop loss below Rs 265 and a target of Rs 320 levels, says Ashish Chaturmohta of Sanctum Wealth Management.
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The Nifty closed above 11,200 levels, which has opened target towards 11,350-11,450 levels on the Nifty, technical chartists said.
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Rajesh Agarwal of AUM Capital recommends buying Indian Oil Corporation with stop loss at Rs 161 and target of Rs 171, NBCC (India) with stop loss at Rs 67 and target of Rs 75 and Jindal Steel & Power with stop loss at Rs 198 and target of Rs 212.
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Given the fresh rally, Dinesh Rohira of 5nance.com expects the Nifty to trade at 11,360 levels on the upside and 11,200 levels on the downside on a weekly basis
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Ashwani Gujral of ashwanigujral.com is of the view that one may prefer Motherson Sumi Systems.
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Vishvesh Chauhan of Monarch Networth Capital is of the view that one may buy Elecon Engineering with a target of Rs 94.
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The S&P BSE Sensex rose over 200 points in trade on Friday but there was plenty of action in individual stocks as more than 150 stocks hit a fresh 52-weeks high on the BSE.
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Stocks which rose in the first six months of the financial year 2018 include socks like Indiabulls Ventures in the smallcap space led the rally, up 383 percent, followed by Toyam Industries which gained 368 percent, and HEG rose 333 percent.
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Jay Thakkar of Anand Rathi Securities advises buying Mahanagar Gas with a target of Rs 1157.
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Traders might have to brace for tough days ahead of expiry on Thursday but any dips are a welcome opportunity for investors to go shopping for their favourite stocks
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In an interview to CNBC-TV18's Anuj Singhal and Surabhi Upadhyay, SP Tulsian of sptulsian.com shared his views on the fundamentals of the market and specific stocks.
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Rakesh Bansal of R K Global advises buying EID Parry with a target of Rs 319.
