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The market is expected to continue its northward journey. Below are some trading ideas for the near term.
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The Nifty 50 is expected to remain rangebound before moving in a firm direction. Below are some trading ideas for the near term.
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Over the short term, the Nifty might move towards 20,450-20,500 unless it falls below 19,850.
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Experts foresee a rebound with resistance at 19,300-19,400 levels, followed by 19,500 levels in the coming session. In case the index breaks 19,200, then the correction can be seen up to the 19,000 mark
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Quess Corp rose 4.7 percent to Rs 420.80 and formed long bullish candlestick pattern on the daily timeframe with above average volumes, continuing uptrend for second straight session, after consistent downtrend in previous 10 days in a row.
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The 18,350-18,400 levels are expected to act as a strong support zone and if held in the forthcoming week, the Nifty will start moving towards 19,000 levels, according to experts
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Suprajit Engineering has formed robust bullish candlestick pattern on the daily timeframe, making higher highs-higher lows formation for three days in a row, with healthy volumes. The stock settled at Rs 403, the highest closing level since February 4 last year, up over 5 percent.
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Jubilant Pharmova surged nearly 12 percent to Rs 352 and formed robust bullish candlestick pattern on the daily charts with large volumes and also there was a formation of Morning Star kind of pattern, which is a bullish reversal pattern.
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Here's what Rajesh Palviya of Axis Securities recommends investors should do with these stocks when the market resumes trading today
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Sameet Chavan of Angel One says Traders should trade with a positive bias as long as the index remains above 17,000–16,800
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Since FY17, the market's performance was mostly driven by a handful of stocks, as broader indices underperformed significantly.
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This war between USA & China may intensify further & may take ugly shape going forward, which may change World Power Equation post-COVID-19 era, Amit Jain of Ashika Wealth Advisors said.
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The weekly strength indicator RSI and momentum oscillator Stochastic have both turned positive and are above their respective reference lines indicating positive bias
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Any close above 11,700 levels would result in further short covering which might push the Nifty to even 12,000 levels in coming months
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Ashwani Gujral of ashwanigujral.com recommends buying Sun TV with a stop loss of Rs 600, target of Rs 625, Divis Labs with a stop loss of Rs 1600, target of Rs 1645 and Axis Bank with a stop loss of Rs 705, target of Rs 724.
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We recommend investors to 'Buy' with a target of Rs 1,230 by FY19 end implying an upside of 38 percent and believe it can give big returns over a period of 5 years, says Akash Jain of Ajcon Global.
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Akash Jain of Ajcon Global said the dented market sentiments will present investors great and good companies at decent valuation which investors can add in their portfolio.
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Traders can accumulate the stock in the range of Rs 1010-1020 for the target of Rs 1094 with a stop loss below Rs 1049, says Rupak De of Bonanza Portfolio.
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Nifty is likely to trade in a range. On the higher end, it may move up towards 11450 -11500; whereas on the lower end, supports are visible at 11,200 and 11,000 levels.
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Operating cashflow to EBITDA is set to increase going forward. Our DCF based near term target is Rs 1,350, says Shailendra Kumar of Narnolia Financial Advisors.
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Along with GST rising urbanisation and premiumisation by aspirational middle class, will move the balance of power firmly in favour of professionalised formal businesses.
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UBS said the relative valuation of small and midcaps suggest that optimism may be priced but not the uncertainties, despite the recent corrections.
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Traders can accumulate the stock in a range of Rs 1,250-1,270 for the upside target of Rs 1,415 with a stop loss below Rs 1,150, says Shitij Gandhi of SMC Global.
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Midcap and smallcap stocks, which were underperforming benchmark indices since the start of this year, are now likely to outperform in days ahead.
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Mitessh Thakkar of mitesshthakkar.com is of the view that one can sell DCB Bank with a stop loss of Rs 181.50 and target of Rs 172 and buy Hindustan ZInc with a stop loss of Rs 295 and target of Rs 317 and United Breweries with a stop loss of Rs 1249 and target of Rs 1310.
