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Upside momentum to continue; Nifty could rally to 13,100-13,200: Experts

FMCG, IT and pharma stocks may see fresh traction, said experts.
Nov 23, 2020 / 07:24 AM IST
The Indian market gained for the third straight week in November on successful vaccine trials but rising COVID-19 cases across the globe capped the upside.
The Indian market gained for the third straight week in November on successful vaccine trials but rising COVID-19 cases across the globe capped the upside.
Ajit Mishra, VP - Research, Religare Broking | Expect volatility to remain high next week, thanks to the scheduled F&O expiry of November month contracts. In the absence of any major event, COVID-related updates and global cues will remain in focus. We expect Nifty to consolidate further next week and the range could be 12,600-13,000. While we’re seeing noticeable interest in the rate-sensitive pack, we expect fresh traction in select counters from the defensive pack i.e. FMCG, IT and pharma ahead. We thus advise traders to focus on the selection of stocks while maintaining the “buy on dips” approach.
Ajit Mishra, VP - Research, Religare Broking | Expect volatility to remain high next week, thanks to the scheduled F&O expiry of November month contracts. In the absence of any major event, COVID-related updates and global cues will remain in focus. We expect Nifty to consolidate further next week and the range could be 12,600-13,000. While we’re seeing noticeable interest in the rate-sensitive pack, we expect fresh traction in select counters from the defensive pack i.e. FMCG, IT and pharma ahead. We thus advise traders to focus on the selection of stocks while maintaining the “buy on dips” approach.
Nagaraj Shetti, Technical Research Analyst, HDFC Securities | The near term uptrend status remains intact and upside momentum is expected to continue after this small dip in the market. Hence, one may expect Nifty to move towards the new all time high of 12963 levels by next week. A decisive/sustainable move above 13000 levels could open next upside targets of 13500-13600 in the near term. Immediate supports to be watched at 12680-12730 levels.
Nagaraj Shetti, Technical Research Analyst, HDFC Securities | The near term uptrend status remains intact and upside momentum is expected to continue after this small dip in the market. Hence, one may expect Nifty to move towards the new all-time high of 12,963 levels by next week. A decisive/sustainable move above 13,000 levels could open next upside targets of 13,500-13,600 in the near term. Immediate supports to be watched at 12,680-12,730 levels.
Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities | In the coming week, it is mandatory for the market to cross the level of 12970, in case Nifty fails to break 12970 then it would result in a short term weakness. Below 12730 levels, Nifty could fall to 12630 or 12530 levels. On the upside, above the level of 12970 Nifty could rally to 13100 or 13200 levels. Be stock specific for the time being. For the coming week. Nifty FMCG and Nifty Pharmaceuticals sectors should be in the watch list.
Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities | In the coming week, it is mandatory for the market to cross the level of 12,970, in case Nifty fails to break 12,970 then it would result in a short-term weakness. Below 12,730 levels, Nifty could fall to 12,630 or 12,530 levels. On the upside, above the level of 12,970 Nifty could rally to 13,100 or 13,200 levels. Be stock specific for the time being. For the coming week. Nifty FMCG and Nifty Pharmaceuticals sectors should be in the watch list.
Rakesh Patil
first published: Nov 23, 2020 07:24 am

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