Rangebound trading is expected to sustain in the upcoming sessions until the frontline indices give a strong close above all key moving averages. Below are some trading ideas for the near term.
The sentiment remains bearish, but considering the severe fall last week, consolidation and range-bound trade are possible. Below are some trading ideas for the near term.
Experts expect the Nifty 50 index to take support at the 22,600-22,500 zone, and above these levels, there is a possibility of a resumption of the upmove towards the 23,000 mark. However, below 22,500, a sharp downward move can't be ruled out.
Grasim Industries, Sun Pharma, Power Grid Corporation, Paytm, Nykaa, Ashoka Buildcon, Dhanlaxmi Bank, GE Power India, Gland Pharma, GMM Pfaudler, HEG, Jubilant FoodWorks, New India Assurance Company, and Unichem Laboratories will announce their March quarter earnings on May 22.
The market is expected to consolidate in the coming sessions, though the overall trend remains in favour of bulls.
For the Nifty, support is at 21,900-21,850 and, below this, the bears will have a wider room to run riot. The index may face resistance at 22,200-22,300. A decisive close above the zone can take it to record highs, say experts.
The ratio charts of JK Lakshmi Cement against benchmark Index Nifty is rising which illustrates the clear outperformance of the stock.
Atul Auto is trading at an all-time high, which demonstrates the strong upward momentum of the stock. After testing the neckline of a Rounding Bottom pattern, the stock experienced an upward bounce. The breakout occurred on October 10, 2022.
Action Construction Equipment is coming out of 11 days of consolidation with heavy volume followed by a breakout of the Bullish Inverse Head & Shoulder formation. The overall structure of the counter is very classical on the daily chart.