Clearly it’s a sell on rallies market, as both technical parameters and derivative data are pointing towards limited upside in prices moving forward.
Majesco is at the cusp of a strong growth period likely over the next few years led by industry tailwinds and its strong positioning within that. Majesco trades at 2x FY19 EV/sales and looks attractively priced.
We expect the stock to continue with its positive trend and head towards Rs 603 levels as it is the measuring implication of the Flag breakout which also coincides with the January 2018 high placed at Rs 603 levels, says Dharmesh Shah of ICICIdirect.com.
We expect the Nifty to consolidate in the range of 11760 – 11300 in the coming week to work off the overbought situation in the weekly stochastic.
Rajesh Agarwal of AUM Capital recommends buying UPL with stop loss at Rs 669 and target of Rs 695, Yes Bank with stop loss at Rs 359 and target of Rs 375 and SRF with stop loss at Rs 2000 and target of Rs 2120.
Going forward, we expect the Nifty to maintain buoyancy and eventually head towards 11,925 levels in coming weeks given the robust price structure.
Value investors like Kacholia look for stocks that are now available at attractive valuations after having corrected in the recent past
The index has a string of resistances placed between 10,700 and 10,800 levels which could act as a crucial resistance level in the May series. Hence, technical experts advice investors to remain stock specific as trading in benchmark indices could turn rangebound.
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"We believe the stock is likely to head higher in the near-term towards Rs 632 as it is the confluence of the 123.6 percent external retracement of the last leg of decline Rs 604 – 441 and the measuring implication of the rising channel breakout placed around Rs 635 levels," says Dharmesh Shah, Head Technical, AVP at ICICI Direct.com Research.
Prakash Gaba of prakashgaba.com recommends buying Hindustan Unilever with target at Rs1480 and stop loss at Rs 1452 and Tata Global Beverage with target at Rs 295 and stop loss at Rs 286.
According to experts, the volatility is here to stay for some more time and another 4-5 per cent correction can't be ruled out.
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Overall, we expect markets to consolidate between broad range of 10,240-10,520 levels for few sessions before giving any fresh breakout on either side.
Going forward, Nifty has an immediate support near 10285 and if it sustains below this level will lead to a further correction towards 10210 and 10141 levels respectively.
Mitessh Thakkar of miteshthacker.com suggests buying Reliance Industries, Majesco, BHEL and Godrej Industries.
The approach of investing towards small to midcap in a scenario where the market is trading at record highs should be based on core fundamentals and not momentum in the stocks.
According to Rajat Bose of rajatbose.com, one may stay invested in Majesco.
Sharmila Joshi of sharmilajoshi.com is of the view that one may remain invested in Majesco.
In an interview to CNBC-TV18's Latha Venkatesh & Sonia Shenoy, SP Tulsian of sptulsian.com shared his readings and outlook on specific stocks and sectors.
Rajat Bose of rajatkbose.com advises exiting Majesco.
According to Sharmila Joshi of sharmilajoshi.com, one may hold Majesco.
According to Sandeep Wagle of powermywealth.com, one may exit Majesco at around Rs 565-570.
According to Daljeet Singh Kohli of India Nivesh Securites, City Union Bank may hit Rs 105.
CA Rudramurthy BV of Vachana Investments advises buying Royal Orchid Hotels with a target of Rs 95.