Mitessh Thakkar of mitesshthakkar.com recommends buying Page industries with a stop loss of Rs 24900 and target of Rs 27000 and Marico around Rs 335 with stop loss of Rs 327 and target of Rs 351.
"Sustainability above 10,800 is essential for the Nifty to gain some momentum," says Jayant Manglik of Religare Broking
"we recommend traders to go short in a range of Rs 610 to Rs 616 with a price target of Rs 555. A stop loss should be placed at Rs 634," says Aditya Agarwal, Head, Technical Research at Way2Wealth Brokers.
On the higher side, call writing at 10,800 will continue to act as strong supply zone for Nifty whereas on the lower end, put writing at 10,600 will emerge as immediate support for the index
Analysts feel India, which imports more than 80 percent of its oil requirements, can manage to absorb up to $80 per barrel but beyond that it could be a major risk.
Rajesh Agarwal of AUM Capital recommends buying India Cements with stop loss at Rs 136 and target at Rs 146, a buy in BEML with stop loss at Rs 1040 and target at Rs 1095 and a buy also in CESC with stop loss at Rs 1045 and target at Rs 1085.
Ashwani Gujral of ashwanigujral.com is of the view that one can buy ITC with a stop loss of Rs 283, target of Rs 297, a buy in Pidilite Industries with a stop loss of Rs 1080, target of Rs 1240 and a sell in Balrampur Chini with a stop loss of Rs 70, target of Rs 62.
“Nifty continues consolidating around 50% Fibonacci retracement of the last downfall from the all-time high. Indication of reversal is not visible yet.” says Jaydeb Dey, Technical Analyst at Stewart & Mackertich Wealth Management Ltd.
Rajesh Agarwal of AUM Capital recommends buying Yes Bank with target at Rs 365 and stop loss at Rs 341, a buy on Tata Steel with target at Rs 589 and stop loss at Rs 569 and a buy also on Wockhardt with target at Rs 810 and stop loss at Rs 780.
Prakash Gaba of prakashgaba.com recommends buying Hindustan Unilever with target at Rs1480 and stop loss at Rs 1452 and Tata Global Beverage with target at Rs 295 and stop loss at Rs 286.
"Looking at the daily chart, Thursday’s high coincided with the downward sloping trend line drawn from the top of Rs 748. Another big factor which supports bearish bias is that the previous bottom of Rs 607 had reversed its role post-breakdown and is likely to act as a strong hurdle," says Aditya Agarwal, Head Technical Research at Way2Wealth Brokers Pvt. Ltd.
We expect Nifty50 will continue to consolidate in a broad range of 10,300-10,500 for the next few trading sessions before giving any fresh breakout on either side," says Aditya Agarwal, Head Technical Research at Way2Wealth Brokers Pvt. Ltd.
"The Index has to close above 10,440 levels for further upmove. If it sustains below or fails to cross this mark, Nifty may witness a correction till 10,330 and 10,270 zone," says Rajesh Agarwal of AUM Capital.
"Nifty Bank closed lower at 24129.50 down 381 points ahead of RBI policy due later today around 2.30 pm. It opened with positive note but failed to close above its short term moving average of 20 EMA i.e. 24465 marks which is suggesting downfall to continue in near term," says Rajesh Agarwal of AUM Capital.
“Nifty is likely to challenge critical resistance placed around 10,250.” says Jaydeb Dey, Technical Analyst at Stewart & Mackertich Wealth Management Ltd.
Ashwani Gujral of ashwanigujral.com is of the view that one can buy HDFC Bank, Maruti Suzuki and Divi's Lab and can sell Tata Steel.
Ashwani Gujral of ashwanigujral.com suggests selling PC Jeweller, ICICI Bank and Tata Steel.
Ashwani Gujral of ashwanigujral.com suggests selling HDFC Bank and Canara Bank.
Prabhudas Lilladher expects the Nifty to trade in a range of 9,640-10,500 in the near term.
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Chandan Taparia of Motilal Oswal Securities is of the view that one can buy Tata Elxsi and HDFC Bank and can short Tata Steel.
Overall, we expect markets to consolidate between broad range of 10,240-10,520 levels for few sessions before giving any fresh breakout on either side.
Going forward, Nifty has an immediate support near 10285 and if it sustains below this level will lead to a further correction towards 10210 and 10141 levels respectively.
10,330 may continue to serve as the major support on the downside. Critical resistance of 10,480 may play the spoilsport and may lead to a pause in the current bullish momentum. On the flip side, breaking out 10,480 may unfold fresh leg of up move, says Jaydeb Dey, Technical Analyst at Stewart & Mackertich Wealth Management Ltd.