As per the Fibonacci projections, the short term target of Nifty50 is 12,000 and in upcoming week if 11,856 trades on higher side then we could see a smooth journey towards the target level.
Bank Nifty has to continue to hold above 30,000 zones to attract buying interest towards its life time high of 30,669 levels while on the downside major support is seen at 29,650 levels.
Earnings will continue to be a key factor in the coming week.
Nifty Auto was the outperforming sector for the week, up 2.2 percent while on the other hand Nifty PSU Bank was the top loser, down 2.7 percent.
Overall pattern setup suggests that trend could remain intact while decline could be bought to continue its upward journey, experts said.
The breadth of the market favoured the declines as 504 stocks advanced and 1,232 declined while 360 remained unchanged. On the BSE, 800 stocks advanced, 1,604 declined and 167 remained unchanged.
While the reluctance of SBI-led consortium of lenders to release interim funding of Rs 1,000 crore has left the ailing carrier into an unnavigable impasse, it was perhaps the re-entry bid of founder Naresh Goyal that led to the beginning of the end for the carrier.
The top Nifty gainers include Tata Motors, Reliance Industries, Wipro, Tech Mahindra and Asian Paints while Bharti Airtel, Indiabulls Housing, YES Bank, Vedanta and Hindalco are the top losers.
Sector rotation is normal and is done to change or rebalance the portfolio, suggest experts
Nagaraj Shetti of HDFC Securities said as long as Tuesday's upside gap remains intact at 11,705 levels, the short term trend of Nifty can be presumed to be up.
We would look at auto stocks more closely post elections and how monthly numbers pan out over period of 2-3 months to gauge if there is pickup in volumes.
In the BSE Smallcap index, 60 percent of total 750 stocks were in the positive return on closing of April 16 and of which top 45 stocks rallied between 50-195 percent.
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Apart from stable global cues, a better monsoon outlook from IMD provided relief to investors. The Street is also building hopes of further rate cuts to reverse the economic slowdown
Mazhar Mohammad said sustaining above Tuesday’s gap zone of 11,731–11,704 levels one can remain positive and look for higher targets placed around 12,000 kind of levels.
The breadth of the market favoured the advances as 891 stocks advanced and 813 declined while 387 remained unchanged. On the BSE, 1,246 stocks advanced, 1,239 declined and 145 remained unchanged.
We expect consumption to pick up post elections due to lower base and phasing out of inventories in the system.
The top gainers from NSE were ICICI Bank that jumped 2.5 percent followed by IndusInd Bank, Titan Company, Asian Paints and Larsen & Toubro
Nifty after hovering in a tight range of 11,550-11,700 levels for the past eleven sessions finally broke out of the range on Tuesday as the index hit a fresh record high of 11784
The S&P BSE IT index rose 8%, while Nifty Bank rose 12% hitting record high, S&P BSE oil & gas index gained 11% and Nifty Pharma gained 5% in the March quarter
According to the Pivot charts, the key support level is placed at 11,657.47, followed by 11,624.63. If the index starts moving upward, key resistance levels to watch out are 11,713.87 and 11,737.43.
Mazhar Mohammad said nevertheless as apparent weakness on price chart is not visible, traders are advised to focus on stock specific opportunities on long side as long as Nifty sustains above 11,550 kinds of levels.
From the IT space, TCS jumped 4 percent followed by HCL Tech, Tata Elxsi, Tech Mahindra, Wipro, Oracle Financial Services and Birlasoft.
Our preferred themes continue to be banking, IT and consumer. These sectors have various tailwinds in their favour and are likely to deliver decent absolute returns in FY20, said Naveen Kulkarni of Reliance Securities
Any negative outcome from elections and continued slowdown in domestic and global economic growth can lead rupee to go over 70/$