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The market is expected to remain rangebound and consolidative in the upcoming sessions. Below are some short-term trading ideas to consider.
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The market is expected to see more weakness in the upcoming sessions, given the dismal global cues. Below are some trading ideas for the near term.
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The Nifty 50 is expected to consolidate with a positive bias as long as it defends the rising support trendline. Below are some trading ideas for the near term.
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The market is expected to be volatile and rangebound in the upcoming sessions, supported by an upward-sloping trendline. Below are some trading ideas for the near term.
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Given the weak sentiment, the market may extend its downward journey in the upcoming sessions. Below are some trading ideas for the near term.
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Axis Bank traded above all key moving averages and is very close to its downward sloping resistance trendline adjoining highs of December 13, 2023 and January 8, 2024, which is crucial for further upward move towards record high.
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Till the time the Nifty does not surpass the 19,550 – 19,600 level on a closing basis, one should avoid being complacent and ideally, it’s better to avoid aggressive trades, according to experts
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One should get worried till the Nifty holds these levels in coming sessions, experts said.
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Oberoi Realty seems to be breaking out from a bullish Inverse Head and Shoulders pattern which emerged following a corrective move. The stock has crossed above the 200-DMA (daily moving average) which stands at Rs 876 and this DMA was almost acting as a proxy neckline for this formation.
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ONGC has seen a decent correction from the highs in last couple of months as the crude Oil prices have cooled off from their highs. However, the prices are now showing signs of some pullback move as it has given a breakout from a trendline resistance.
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KPIT Technologies after giving a breakout from the rounding bottom pattern in September 2022 indicated beginning of the trend on the upside.
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Tata Chemicals was the second largest gainer in the futures & options segment. closing nearly 5 percent higher at Rs 1,150. The stock has seen a robust bullish engulfing candlestick pattern on the daily charts with above average volumes.
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Tata Chemicals share price jumped 12.2 percent to Rs 1,074, the highest closing level since October 19, 2021. The stock had a robust gap up opening and large bullish candlestick pattern formation on the daily charts with significantly higher volumes. It has decisively broken the long down sloping resistance trend line, adjoining October 18, 2021 and May 5, 2022, may be indicating bullish phase. Now the stock is around 7-8 percent away from its record high of Rs 1,158.
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Tata Motors is in 'higher top higher bottom' formation on the daily chart which shows an up trend. Besides, the price has taken support at the 200-day moving average before the recent rally, said Rupak De of LKP Securities
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Technical indicators are giving positive signals as Info Edge is trading above the 20 and 50 days SMA and there also recently a positive moving average crossover as the 20 days SMA moved above the 50 days SMA.
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Power Grid has made fresh life time highs this week and is sustaining at higher levels which shows strong strength of the stock. On weekly charts the stock has been taking support at 20 week SMA since November 2020 indicating bullish undertone for the medium to long term.
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Malay Thakkar of GEPL Capital advises traders and investors to also continue holding NLC India for an upside towards Rs 97 followed by Rs 102
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The structure of HPCL suggests that the downside seems to be limited at Rs 265, hence making it a good candidate with regards to the risk and reward scenario.
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The Nifty has resistance in the 18,270-18,330 zone whereas the support lies at 17,900 mark, says Malay Thakkar of GEPL Capital.
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Here's what Gaurav Sharma of Globe Capital Markets, recommends investors should do with these stocks when the market resumes trading today.
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Here's what Gaurav Sharma of Globe Capital Markets, recommends investors should do with these stocks when the market resumes trading today.
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Here's what Rajesh Palviya, VP-Technical and Derivative Research, Axis Securities, recommends investors should do with the 3 stocks when trading resumes today
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For Nifty, 15,900 would act as a major hurdle in the short term, above which, the index can march towards its record high and above 16,000, said Shitij Gandhi of SMC Global Securities
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The current movement is a typical behaviour of Wave III and it is an extended impulse wave which suggests the possibility of a strong up move towards 12,500 in the coming days.
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As the sector rotation & market breadth has been healthy, one could maintain a combination of long short positions for the rest of the series.
