As far as levels are concerned, the base has shifted higher and the previous resistance area of 11,700– 11,450 should now be treated as strong support.
As the uncertainty persists, a stock-specific approach is what one needs to follow in this market.
The Bank Nifty traded with a negative tone but has managed to sustain above the crucial 22,000-mark.
While the market has rallied smartly, the rally has been highly concentrated with the top 15 stocks contributing over 70 percent of the returns.
We recommend buying State Bank of India around Rs 197 with a stop loss of Rs 189 for higher targets of Rs 215/220.
An index is likely to remain sideways in the range of 10,880 to 10,680 in the forthcoming trading week with slightly negative bias.
Whenever price candle will be near previous swing high which is near Rs 210-212 levels, then one can book profits in SBI.
Largecaps or sector leaders are the safest bet during a crisis because the recovery momentum generally reflects first in these stocks, say experts.
Brokerages retain bullish stance on the stock expecting 20-49 percent potential upside from current levels
The next leg of upmove can be expected only if the 9,600 level gets traded on a higher side decisively on closing basis after the mild consolidation and in such case the bulls can extend this rally till 9,889 and 10,050.
Prime Minister, Narendra Modi said the package will focus on four factors - Liquidity, Land, Labour and Laws.
The benchmark index is trading above 20 DMA which is footed at 8600 suggests one should opt for buy on dip strategy going forward.
Bank Nifty has been a laggard in the current up move and it should witness a strong up move as it has crossed its 20-day short term average after two months.
The company has sound fundamentals and growth potential, therefore patient investors can hold it for the long term or till they make sufficient gains on their positions, Nirali Shah said.
The restructuring of Yes Bank has to be seen in the light of failures of the NBFCs, IL&FS and DHFL and the crisis in banks like PMC Bank and PNB.
The first and foremost effect of the Yes Bank crisis was on Life Insurance Corporation of India.
"The new capital will likely come in at a steep discount to current share price, as forced 'bailout' investors will likely want a large cut for equity holders," the brokerage said.
Sudarshan Sukhani of s2analytics.com recommends buying Castrol India with stop loss at Rs 147 and target of Rs 154 and Escorts with stop loss at Rs 830 and target of Rs 860.
Mitesh Thakkar of miteshthakkar.com recommends buying Hindustan Unilever with stop loss at Rs 2100 and target of Rs 2300 and M&M Financial Services with stop loss at Rs 355 and target of Rs 385.
Mitesh Thakkar of miteshthakkar.com recommends selling Bajaj Auto with a stop loss of Rs 3092 and target of Rs 3000 and Berger Paints with a stop loss of Rs 578 and target of Rs 560.
Mitesh Thakkar of miteshthakkar.com recommends buying Titan Company with a stop loss of Rs 1280 for target of Rs 1340 and Infosys with a stop loss of Rs 784 for target of Rs 820.
Mitesh Thakkar of miteshthakkar.com recommends buying State Bank of India with a stop loss of Rs 320 and target of Rs 335 and Ambuja Cements with a stop loss of Rs 207.5 and target of Rs 222.
Prakash Gaba of prakashgaba.com recommends buying Havells India with target at Rs 645 and stop loss at Rs 623 and IndusInd Bank with target at Rs 1425 and stop loss at Rs 1297.
State Bank of India expects better profitability in Q4 as well, led by better asset-quality trend, one-off gains from SBI Cards and lower tax.
Most brokerages feel 2020 could be the year for broader markets to do well