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Given the weak sentiment, the market may extend its downward journey in the upcoming sessions. Below are some trading ideas for the near term.
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The Nifty 50 is expected to maintain its upward momentum, supported by a fall in volatility. Below are some trading ideas for the near term.
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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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In terms of levels, immediate resistance for Nifty is noted at 22,900, followed by further resistance at 23,170 and 23,400. Conversely, crucial support levels are identified at 22,500 and 22,300.
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Sturdy support for Nifty remains at 22,200 followed by 22,100 levels while resistance is placed around 22,700-22,750.
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Based on the data, we don't anticipate any major cracks in the market. However, if there is a significant cut, the markets may not be able to sustain at the lower levels.
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On Budget day, the Nifty 50 is likely to trade in the range of 21,500 on the lower side, and 21,900 on the higher side.
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Sun Pharmaceutical Industries formed healthy bullish candlestick pattern on the daily timeframe with above average volumes and traded above all key moving averages.
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KPR Mill, which has shown a bullish trend since March 2020, has recently undergone a correction but has not fallen below the 38.20 percent Fibonacci retracement level of the previous upward movement. This suggests a positive sentiment and potential for further upward movement.
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The next support is placed at 200-day SMA of 17,368, which coincides with Budget day's low, as breaking this may drag the Nifty towards 17,000 level, whereas the near-term resistance is expected at 17,600 followed by 17,700-17,800
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After breaking out from the downward sloping trendline on the daily chart, Religare Enterprises is consolidating during last few days, indicating relative strength in the stock. Short and medium term trend remains positive as stock price is trading above all important moving averages.
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Chances look bright for the Nifty50 to move towards the record high of 18,604 in the coming days if the momentum sustains and global markets support, with crucial support at the psychological 18,000 mark, said experts. They advise to continue with the 'buy on dips' strategy
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If the Nifty closes above 17,800 on the weekly scale, it may touch 18,400 in a couple of weeks but a close below 17,400 can see it slide to 17,000
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There could be some kind of weakness or profit-booking in the coming sessions, followed by high possibility of consolidation and volatility, before showing any upward direction towards 18,000 mark, experts said
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Ff global market remains stable, Axis Bank is likely to give decent relief rally in the coming week. We recommend buying for a near term target of Rs 700. The strict stop-loss needs to be placed at Rs 657.
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For upcoming sessions, markets are expected to trade with a positive bias, and on higher side, now any decisive move beyond 18,050 levels could add further buying momentum into Nifty50 index, says Shitij Gandhi of SMC Global.
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This week is likely to be action-packed because the market is placed interestingly going into the monthly expiry.
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The BSE Midcap index surpassed its record high level seen in 2018, while the Smallcap is still more than 1,000 points away from previous record high levels.
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Looking at current price action and positive momentum, one can initiate long position for higher targets of previous swing high.
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Here are the expert views on what investors should do when the market resumes trading on Friday, 23 October.
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The market is likely to be stock-specific and experience sector rotations. Therefore, investors should adopt a buy-on-dips strategy only in quality names, said Umesh Mehta, Head of Research, Samco Group.
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Various measure taken by the government and ‘unlocking ‘ of the economic activity has made brokerages confident of an economic recovery and they have been upgrading stocks.
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Investors look at the dividend yield to ensure a certain amount of return on their investment, even if share prices remain subdued. However, not all of them are attractive
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JM Financial expects volume CAGR at 4.4 percent over FY20-22 on a rise in utilisation for Dahej and Kochi terminals.
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Brokerages and analysts are of the view that the pain caused by COVID-19 may linger and the market is factoring in the hit on earnings and economic fallout from coronavirus outbreak.
