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The upward journey amid rangebound trading is expected to continue if the market defends the previous day's low. Below are some short-term trading ideas to consider.
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Overall, the market is likely to remain positive as long as it sustains above all key moving averages. Below are some trading ideas for the near term.
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Experts see a sharp correction if the Nifty 50 decisively closes below 24,500, with 24,000 acting as a crucial support and 24,900 as a hurdle on the higher side. Here are some trading ideas for the near term.
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Given the volatility, which hit a fresh two-year high at around 24 ahead of the mega event - Lok Sabha election results, the Nifty 50 index is likely to consolidate further with immediate support at 22,800 and then 22,600, whereas 23,000 is expected to be the hurdle on the higher side.
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On the higher side, resistance for the Nifty is seen in the range of 22,700-22,775. The upside momentum is likely to accelerate once the all-time high of 22,775 is taken out.
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In terms of levels, immediate resistance for Nifty is notable at 22,500, a significant level on higher time frames, with further resistance observed at 22,780 and 23,170. Conversely, crucial support levels are identified at 21,700 and 21,500.
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Tata Power Company ended at new closing high of Rs 430, with above average volumes and formed bullish candlestick pattern on the daily charts, while it traded above all key moving averages.
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Tata Power, after recent consolidation, has surpassed its previous record high and clocked 7.7 percent gains to end at new closing high of Rs 425 with robust volumes. The stock traded above all key moving averages, which is a positive sign.
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On Budget day, the Nifty 50 is likely to trade in the range of 21,500 on the lower side, and 21,900 on the higher side.
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As the index approaches its all-time highs, there is potential for further upside, with targets set at 21,180 and 21,400.
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IRCTC has seen a breakout of long downward sloping resistance trendline adjoining highs of January 17 last year. The stock has formed long bullish candletick pattern on the daily charts, with robust volumes.
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With decisively surpassing previous record highs and making higher highs, higher lows formation along with healthy volumes on daily charts last week, the Nifty50 is likely to march further northward with eyeing 20,400-20,500 zone.
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Tata Power Company has formed strong bullish candlestick pattern on the daily timeframe with healthy volumes. The stock traded well above all key moving averages and is very close to its last swing high seen in September this year.
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It seems that the Nifty Index is currently in a positive trend and has the potential to move towards the 19,991 levels in the short to medium term.
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Latent View Analytics has seen robust trading volumes, leading it to surge above all its significant exponential moving averages on the daily time-frame
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JK Paper returned to the high of May month, rising 4.4 percent to Rs 380 and formed long bullish candlestick pattern on the daily scale with strong volumes for yet another session.
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The 19,600-19,500 zone may be crucial for Nifty and, if this is breached, then correction can be seen towards 19,300. On the higher side, 19,700-19,800 is important to watch out for as a decisive close above 19,800 may take it towards its fresh all-time high
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One should get worried till the Nifty holds these levels in coming sessions, experts said.
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Indian Hotels seems to be taking support from a strong upwards sloping support trendline on the weekly timeframe from the last 22 months and the stock has broken out of a downwards sloping parallel channel pattern on the daily timeframe which can be used as a confluence towards the bullish view.
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After breaking out from the downward sloping trendline on the daily chart, Religare Enterprises is consolidating during last few days, indicating relative strength in the stock. Short and medium term trend remains positive as stock price is trading above all important moving averages.
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On the daily timeframe, CDSL prices have given a breakout from the Rounding Bottom pattern, indicated beginning of trend on the upside. The breakout was confirmed by high volumes.
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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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The renewable energy business has been garnering investor interest over the past 18 months as the government steps up efforts to shift India’s energy dependence away from fossil fuels
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Tata Consumer Products is maintaining higher top, higher bottom formation on all the time frames after the recent correction from Rs 889–650).
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One can buy OnMobile Global immediately in small quantity and buy another tranche at Rs 140 for the long term. Upside is seen near Rs 195 with solid support of Rs 125
