The sell-off in the rupee for couple of days has been so sharp that the Reserve Bank of India may have intervened on Tuesday that helped it recover from intraday all-time low of 70
The market is in a strong trend and hence, one should not get carried away by such in between hiccups and maintain buy on dips approach.
Almost all sectoral indices have reached the overbought zone on daily charts, indicating unfavourable risk-reward ratio in fresh longs from current levels.
Investors are advised to keep a close eye on global development along with prevailing earnings season for cues, suggest experts. For momentum to continue on the upside, Nifty50 has to hold above 11400 levels.
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Mazhar Mohammad of Chartviewindia.in said in case of a fresh breakout above 11,500 levels, the next logical target for the Nifty can be projected up to 12,200
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The party in the mid and smallcap space may have just begun as the Nifty Midcap 100 index and the Nifty Smallcap 100 index both have broken out from a falling wedge pattern on the daily chart indicating that this space is all set to attract a lot of attention.
Analysts expect Midcaps and Small caps to continue to do well during the fag end of the earning season. Investors are advised to stay cautious and use dips to buy on declines as long as Nifty holds above 11,435 levels.
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Any dip from here on should be utilised to accumulate quality stocks as we expect quality midcaps to outshine amid ongoing Q1FY19 result season, says Dharmesh Shah of ICICI Direct.com Research.
Analysts expect stock specific volatility to continue with more corporate earnings scheduled in the next 1-2 weeks. The next crucial resistance for the index is placed at 11,500-11530 while support is placed at 11,330.
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At present, Nifty is looking exhausted at higher levels. Overall, it looks overstretched and has formed a ‘Tweezer Top’ kind of pattern on the daily scale, which indicates some sort of consolidation in the near term.
The consolidation was warranted especially after the market had consistently been hitting fresh record highs, experts said while advising bulls to remain cautiously optimistic on the market.
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The Sensex is down 26.09 points or 0.07% at 37665.80, while the Nifty is up 2.40 points or 0.02% at 11389.50.
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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The Sensex closed up 135.73 points or 0.36% at 37691.89, while the Nifty ended 26.30 points higher at 11387.10.
Dinesh Rohira of 5nance.com expects the Nifty to trade at 11,445 on the upside and 11,270 on the downside on a weekly basis