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For market to show strength sequence of lower highs and lower lows needs to be broken. Hence, 11,523 needs to be taken out first for market to see level of 11,600, says Ashish Chaturmohta of Sanctum Wealth Management
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In absence of any major cues, Indian market will be dependent on global cues this week as well as the movement of rupee against the US Dollar.
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The stock is well placed above its 20, 50 and 100-day SMA which supports bullish sentiments ahead. It can be bought in the range of Rs 735-730, says Rajesh Palviya of Axis Securities.
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INR has depreciated by over 10 percent against the greenback
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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.
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Prakash Gaba of prakashgaba.com suggests buying Berger Paints with target at Rs 350 and stop loss at Rs 320, Eicher Motors with target at Rs 30000 and stop loss at Rs 28500 and Kotak Mahindra Bank with target at Rs 1310 and stop loss at Rs 1272.
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We recommend buying UPL for the upside target of Rs 690, and a stop loss placed below Rs 656, says Nandish Shah of HDFC Securities.
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The short term target for the Bank Nifty is seen at 28,400, while support for the same is placed at 27,450. If we were to see the medium and long term charts, then the ultimate target is seen at 29,300 levels.
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Rajesh Agarwal of AUM Capital recommends buying Hindustan Oil Exploration with stop loss at Rs 140 and target of Rs 149, Marksans Pharma with stop loss at Rs 31 and target of Rs 37 and Liberty Shoes with stop loss at Rs 206 and target of Rs 233.
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Most economists expect the MPC to keep policy rates unchanged but its commentary would be a key thing to watch out for
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In the Friday's trading session Nifty hit a record high of 11,283.40 and Sensex touched a record high at 37,368.62.
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The secondary momentum trend continued to indicate a negative signal with RSI slipping below at 27 coupled with the bearish outlook from MACD trend, says Dinesh Rohira of 5nance.com.
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The Nifty has been hitting higher lows for the last 9 trading sessions, with supports are gradually shifting higher, which is a bullish sign.
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The weekly relative strength index (RSI) inched higher to 64 levels, indicating a positive divergence in the price. The weekly moving average convergence divergence, which is placed at 135, continued to trade above the signal line.
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Rajesh Agarwal of AUM Capital recommends buying Infosys with stop loss at Rs 1290 and target of Rs 1349, Bajaj Finance with stop loss at Rs 2430 and target of Rs 2518 and Titan Company with stop loss at Rs 825 and target of Rs 855.
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Ashwani Gujral of ashwanigujral.com suggests buying Bajaj Finserv with a stop loss of Rs 6200, target of Rs 6450 and Larsen & Toubro with a stop loss of Rs 1285, target of Rs 1340.
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For a correction to occur, experts state that oil prices have to stay above $80 a barrel and dollar has to increase sharply against the rupee
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The research house said the potential acquisition of agrochemical business platform will raise leverage sharply and would imply a valuation of 10.3x CY17 EV/EBITDA.
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Sudarshan Sukhani of s2analytics.com is of the view that one can sell Can Fin Homes with stop loss at Rs 348 and target of Rs 333 and also sell Ceat with stop loss at Rs 1322 and target of Rs 1262 while one can buy Godrej Consumer Products with stop loss at Rs 1155 and target of Rs 1185.
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Vinay Rajani of HDFC Securities recommends buying United Breweries with target at Rs 1,370 and stop loss at Rs 1230 and Tata Elxsi with target at Rs 1,390 and stop loss at Rs 1,240.
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“We continue to remain positive on markets till it sustains above 10,700 levels,” says Vikas Jain of Reliance Securities
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Rajesh Agarwal of AUM Capital recommends buying Delta Corp with stop loss at Rs 237 and target of Rs 257, Infosys with stop loss at Rs 1255 and target of Rs 1309 and UPL with stop loss at Rs 685 and target of Rs 719.
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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.
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We do not expect a rate hike at their June meet. However, if monsoons are not upto expectations and crude oil prices spike up and is on a upward trend then RBI may be forced to hike rates.
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"Weakness in the market may continue for the next few days," says Achin Goel, Head of Wealth Management and Financial Planning, Bonanza Portfolio
