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Experts advise traders to remain light from here on as the market is now approaching the final phases of the election.
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Observing the daily chart, the Nifty 50 has been navigating within a rising channel. A decline below 21,950 could potentially trigger a correction towards 21,800 in the near term.
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Experts expect the Nifty 50 to focus on 21,800-22,000 levels in coming weeks after ongoing consolidation, while taking support at 21,700-21,500 levels and advising buy on dips strategy
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Technically, the Nifty seems to be looking strong now. Hence, 19,600-19,700 is expected to be key resistance area initially for the Nifty50 followed by 19,800-19,900 levels
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The Nifty is likely to continue its march upwards amid consolidation with hurdle at 19,500-19,600 levels, whereas the near term support is expected to be 19,300-19,200 levels, followed by crucial support at 19,000, experts said
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Nifty stands at the strong polarity support of 16,800 – 16,750 levels, failing to hold which the index is likely to see a further correction towards 16,450 – 16,400 zones
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The momentum is intact and the Friday's correction is on expected lines given the consistent uptrend in the past. Hence, once the current consolidation ends, the Nifty50 is expected to resume upward journey once again towards 18,900-19,000 levels in coming days, with crucial supports at 18,500-18,300, experts said
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According to experts, 18,450-18,500 is likely to be a crucial area for further upside. If the said zone sustains, then new highs are possible in the coming days, with support at 18,300, followed by 18,000 levels
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Chances look bright for the Nifty50 to move towards the record high of 18,604 in the coming days if the momentum sustains and global markets support, with crucial support at the psychological 18,000 mark, said experts. They advise to continue with the 'buy on dips' strategy
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The trend seems to be reversing for the IT sector as HCL Tech & Infosys see maximum upgrades in the past one month while HUL and Tata Motors were the top stocks to witness maximum downgrades
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Pent-up demand continues to propel auto stocks, while rising interest rates auger well for financials. However, the anticipated global slowdown is spoiling the party for IT and metal companies
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The Nifty50 index is now more than 18 percent up from its June lows and is gradually gathering steam to reclaim 18,000 mark with crucial support at 17,500, experts said
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In last couple of sessions, the oversold US market rebounded, which provided a much-needed trigger for Nifty to come out of the recent congestion phase
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Consensus earnings estimate for large-cap IT companies have been cut by 3-8 percent for the current financial year and 2-7 percent for the next financial year following the June quarter earnings season
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Experts largely hope the index to remain in a broad range of 15,700-16,400 levels but if it decisively surpasses the upper band of the range, then there could be a possibility of the index moving towards 16,600-16,800 levels in the coming days
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The relatively strong growth guidance given by IT companies for 2022-23 have now come under threat, given the apprehension of the US economy slipping into recession later this year
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Technically, the medium term chart formation in Tech Mahindra is still on the weak side but due to temporary oversold situation, a sharp pullback rally from the current level is not ruled out.
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Tech Mahindra has started its upwards bounce and on March 4, it witnessed the first sign of strength. The stock price managed to confirm a close above 20-day SMA for the first time in the last two months, said Sameet Chavan of Angel One
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Commodities will be the biggest gainers and as long as the geopolitical heat continues, it will be the dominating market theme, Axis Securities said.
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The Nifty 50 must surpass 16,800-17,000 levels to gain strength, which is possible if geopolitical tensions ease. However, 16,400-16,200 will act as crucial support levels, experts said.
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The Nifty IT has fallen more than 11 percent in 2022, as investors turn pessimistic over the sustainability of the sector’s rich valuations amid the possibility of a sharp increase in interest rates at home and abroad
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For the coming week, Ruchit Jain of 5paisa.com says 17,500 will now be seen as the important support while a move above 17,700 could again lead to a buying interest amongst market participants and take the index towards 17,900-18,000
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Going ahead, Karan Pai of GEPL Capital expects the 17,200 mark to act as a strong resistance level. If the prices breach above the 17,200 mark, we can expect the prices to move higher towards the 17,600 level
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The Nifty is expected to trade in a range of 17,600–16,900 for the next few trading sessions until prices do not give any superior move on the either side of the range
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Sameet Chavan of Angel One reiterated on avoiding aggressive longs and even if one wants to follow stock-specific moves, needs to be very selective.
