The S&P BSE Midcap index surged 3.3 percent and S&P BSE Largecap Index added 1.89 percent, while Smallcap Index was up 1.47 percent last week.
Prakash Gaba of prakashgaba.com recommends buying Sun Pharma with target at Rs 455 and stop loss at Rs 435.
The index is likely to face resistance around 11,080, followed by 11,120 while supports are placed at 10,990, and 10,950 levels
But not all earnings are bad in June quarter, there are few stocks which brokerages upgraded their rating either on hope of further growth or worth seems to have priced in.
Bank Nifty options data for upcoming weekly expiry depicts 31,000 as strong support as aggressive Put writing is seen at 31,000 and on upside the highest Call OI is at 32,000, which can act as strong resistance
On May 16, S&P BSE Oil & Gas rose 1.5 percent, followed by the S&P BSE realty that gained 1.3 percent, and the S&P BSE Power that was up 1.3 percent
Sun Pharma has support around 370-390 but it seems unlikely that the stock will hold on to that level.
Among sectors, FMCG, IT, pharma lost more than 2 percent, while metal and energy index seen some buying.
On April 26 the company reported its biggest quarterly loss in 14 years at Rs 1,507 crore for the quarter ended March 31.
Sudarshan Sukhani of s2analytics.com recommends buying Kotak Mahindra Bank with stop loss at Rs 1355 and target of Rs 1395 and Infosys with stop loss at Rs 732 and target of Rs 745.
Sudarshan Sukhani of s2analytics.com recommends buying Mahindra & Mahindra with stop loss at Rs 660 and target of Rs 675, Divis Labs with stop loss at Rs 1698 and target of Rs 1730 and United Spirits with stop loss at Rs 536 and target of Rs 565.
Sudarshan Sukhani of s2analytics.com recommends buying Tata Consultancy Services with stop loss at Rs 2055 and target of Rs 2100, Infosys with stop loss at Rs 743 and target of Rs 761 and V-Guard Industries with stop loss at Rs 218 and target of Rs 226.
Ashwani Gujral of ashwanigujral.com recommends buying Oriental Bank of Commerce with a stop loss of Rs 112, target of Rs 120, State Bank of India with a stop loss of Rs 325, target of Rs 341 and YES Bank with a stop loss of Rs 276, target of Rs 290.
Momentum indicators on weekly as well as monthly chart are trading in fairly bullish zone and market is trading above all major moving averages.
Macquarie recommends moving their stance from large-caps to mid-caps, and on the sectoral front, it prefers moving from defensives to cyclicals. Real estate and its derivate sectors are likely to outperform in 2019.
Sudarshan Sukhani of s2analytics.com recommends buying Bajaj Finance with stop loss at Rs 2810 and target of Rs 2850, Pidilite Industries with stop loss at Rs 1168 and target of Rs 1192 and UPL with stop loss at Rs 902 and target of Rs 926.
Ashwani Gujral of ashwanigujral.com recommends buying UltraTech Cement with a stop loss Rs 3700, target of Rs 3765, Infosys with a stop loss of Rs 748, target of Rs 770 and Maruti Suzuki with a stop loss of Rs 6800, target of Rs 7200.
Morgan Stanley feels large banks are relatively less exposed to IL&FS, telecoms, NBFCs,and real estate.
The strategy at present should be to invest in a phased manner only in companies that are not connected to any political party, have a robust business model, strong earnings and cashflow visibility
Mitessh Thakkar of mitesshthakkar.com recommends buying Britannia Industries with stop loss of Rs 3204 and target of Rs 3350 and Divis Labs above Rs 1540 with stop loss of Rs 1524 and target of Rs 1575.
Buy Yes Bank around Rs 220 with stop loss of Rs 205 target Rs 250.
A breakout of descending trend line on lower time frame will occur only above 10,881, suggesting a tight range for the index—10720 to 10881
The S&P BSE Smallcap Index plunged 3.48 percent, while S&P BSE Largecap and Midcap index fell 1.26 percent and 2.27 percent, respectively.
Ashwani Gujral of ashwanigujral.com recommends buying YES Bank with a stop loss of Rs 208, target of Rs 224, Reliance Industries with a stop loss of Rs 1235, target of Rs 1285 and Rural Electrification Corporation with a stop loss of Rs 118, target of Rs 130.
Irrespective of global or political set up on the domestic front, long-term investors should focus on stocks which can give earnings visibility, and have a high margin of safety with high corporate governance standards.