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Last Updated : Jun 29, 2020 08:37 AM IST | Source: Moneycontrol.com

Slideshow | Nifty may test 10,550; buy on declines: Experts

Last week, BSE Sensex added 439.54 points (1.26 percent) to close at 35,171.27, while the Nifty50 rose 138.6 points (1.35 percent) to end at 10,383 levels.

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Last week, BSE Sensex added 439.54 points (1.26 percent) to close at 35,171.27, while the Nifty50 rose 138.6 points (1.35 percent) to end at 10,383 levels. Here's what the experts have to say for the upcoming week:

Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services | Given the concerns over economic de-growth and rising infections, the market seems to be taking pause and consolidating at this juncture. Investors would keep a close watch on global cues and geo-political tensions between US-China and India-China to get market direction. We would advise investors to stay cautious and focus more on quality large caps with select exposure to good mid-cap names. Technically, Nifty has to continue to hold above 10300 levels to get the stability to witness an up move towards recent swing high of 10555 while on the downside support exists at 10300-10250 zones.
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Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services | Given the concerns over economic de-growth and rising infections, the market seems to be taking a pause. Investors would keep a close watch on global cues and geo-political tensions between US-China and India-China to get market direction. We would advise investors to stay cautious and focus more on quality largecaps with select exposure to good mid-cap names. Technically, Nifty has to continue to hold above 10,300 levels to get the stability to witness an up move towards recent swing high of 10,555 while on the downside support exists at 10300-10,250 zones.

Shabbir Kayyumi, Head of Technical Research at Narnolia Financial Advisors | The upside movement towards 200 DMA above 10900 in the coming days is highly probable. However, confirmation of the new range will come only above 10600 where Nifty will cross 61.8% retracement marks of March fall. Buy on dip strategy should be continued till market trades above 100 DMA.
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Shabbir Kayyumi, Head of Technical Research at Narnolia Financial Advisors | The upside movement towards 200 DMA above 10,900 in the coming days is highly probable. However, confirmation of the new range will come only above 10,600 where Nifty will cross 61.8% retracement marks of March fall. Buy on dip strategy should be continued till market trades above 100 DMA.

Nagaraj Shetti, Technical Research Analyst, HDFC Securities | The short term trend of Nifty has turned into positive, after the minor weakness from the highs. There is possibility of further upside in the early next week and one may expect Nifty to retest the overhead resistance of 10550-600 levels in the mid to later part of coming week. Immediate support is placed at 10280.
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Nagaraj Shetti, Technical Research Analyst, HDFC Securities | The short term trend of Nifty has turned positive after the minor weakness from the highs. There is a possibility of further upside in early next week and one may expect Nifty to retest the overhead resistance of 10,550-600 levels in the mid to later part of the coming week. Immediate support is placed at 10,280.

Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities | Technically, the short term texture of the index is still in to the positive trend. Despite the correction in the last two days, from 10550-10195 levels, the index has still maintained higher bottom series pattern which indicates the uptrend is still intact and likely to continue if the index manages to trade above 10200. In the near term, the 10200 level should be the sacrosanct level for the traders. If the Nifty sustains above the same then it can stretch the uptrend wave up to 10500-10550 levels. On the flip side, dismissal of 10200 may trigger quick price correction up to 10100.
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Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities | Technically, the short term texture of the index is still into the positive trend. Despite the correction in the last two days, from 10,550-10,195 levels, the index has still maintained higher bottom series pattern which indicates the uptrend is still intact and likely to continue if the index manages to trade above 10,200. In the near term, the 10,200 level should be the sacrosanct level for the traders. If the Nifty sustains above the same then it can stretch the uptrend wave up to 10,500-10,550 levels. On the flip side, dismissal of 10,200 may trigger quick price correction up to 10,100.

Sanjeev Zarbade, VP PCG Research, Kotak Securities | Markets are seen entering a consolidation phase in the coming weeks with no major trigger. Geopolitical concerns and possibility of second wave of Covid-19 remain the near term risks which could impact investor sentiments. We advise investors to buy on declines from these levels.
6/9

Sanjeev Zarbade, VP PCG Research, Kotak Securities | Markets are seen entering a consolidation phase in the coming weeks with no major trigger. Geopolitical concerns and the possibility of the second wave of COVID-19 remain the near term risks which could impact investor sentiments. We advise investors to buy on declines from these levels.

Joseph Thomas, Head of Research - Emkay Wealth Management | The FPI activity in the coming weeks is something that needs to be watched closely as there are already reports of likely rebalancing of portfolios and resultant trimming of positions. It is also significant that the domestic markets, for most part of the week reflected the broad trends in other global markets.
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Joseph Thomas, Head of Research - Emkay Wealth Management | The FPI activity in the coming weeks is something that needs to be watched closely as there are already reports of likely rebalancing of portfolios and resultant trimming of positions. It is also significant that the domestic markets, for the most part of the week reflected the broad trends in other global markets.

Sumeet Bagadia, Executive Director at Choice Broking | Technically, Nifty has good support at 10165 level which is a 38.20% of Fibonacci Retracement level (FBL) of its recent up move which suggests a bounce back movement in the Index. FBL are horizontal lines that indicate where support and resistance are likely to occur. We see a good bounce back in few large cap stocks, which are trading at very good support level. Downside support for Nifty is seen at 10,200 points while upside resistance comes at 10400 level.
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Sumeet Bagadia, Executive Director at Choice Broking | Technically, Nifty has good support at 10,165 level which is a 38.20% of Fibonacci Retracement level (FBL) of its recent up move which suggests a bounce back movement in the Index. FBL are horizontal lines that indicate where support and resistance are likely to occur. We see a good bounce back in a few largecap stocks, which are trading at a very good support level. Downside support for Nifty is seen at 10,200 points while upside resistance comes at 10,400 level.

Dalal Street
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Rohit Singre, Senior Technical Analyst at LKP Securities | For coming week strong hurdle for Nifty is still at 10500-10600 zone once we managed to sustain above-said levels then we may see a smooth move towards 11k mark, support for Nifty is coming near 10,300-10,200 zone and overall base still at 10k mark, any dip near 10k mark will be again good buying opportunity. Support for Nifty Bank is still at 21,300-21,000 zone and resistance is coming near 22,000-22,300 zone.

First Published on Jun 29, 2020 08:36 am
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