If the market sustains above 11,750 on April 25, we may see the index moving into a new high zone in the short term.
On the downside, the immediate support is placed at 11,500 levels for Nifty while 29,350-29,250 zone will act as a major support for Bank Nifty.
The likelihood of volatility cannot be ruled out ahead of current month’s F&O expiry next week, and sluggish growth outlook as indicated by big corporate which also is expected to halt the momentum.
We may see some long unwinding around 11,900-11,950, which will lead to a small correction. Going forward, the support is likely to shift upward to 11,650-11,700
We expect the uptrend to continue initially towards 12,000 and then towards 12,300 levels.
We feel Nifty may consolidate further in the near future within 11,500-11,800 levels prior to next directional move.
The equity market is likely to remain volatile going forward on account of general election coupled with weak global growth prospects which are expected to deepen the sentiment.
The current weakness is likely to get extended further only if the weekly Doji pattern low of 11,559 is broken on a closing basis, which is acting as crucial support.
A close beyond 11,760 is required for resumption of the bull trend, otherwise, bears may push the index down gradually
11,580-11,500 levels will act as a key support level for the Nifty and traders should use every dip as a buying opportunity.
We strongly advocate focusing more on stock selection and trade management aspects, said Jayant Manglik of Religare Broking
Traders are advised to stay positive and try to identify potential candidates that have probably given decent corrections and are now gearing up for the next leg of the rally
We believe ongoing consolidation would help it to cool off the overbought situation of the weekly stochastic oscillator (at 90), in turn, making the market healthier.
Going forward, we expect the midcap stocks to play catch up to the heavyweights.
Traders should use intermediate corrective or consolidation phase to accumulate quality stocks.
We still advise traders not to have a contrarian approach on the market and should rather capitalize on such declines.
On the higher side, 11500 followed by 11600 would be the immediate levels to watch out for and on the downside, 11370 and 11300 should be seen as important supports in the forthcoming week.
A move towards this important junction cannot be ruled out in days to come. Traders are advised to trade with a positive bias and expect 10994 – 10840 to act as a strong support zone for now.
It is advisable to take some profit off the table at the current juncture in the mid and small-caps and wait for a decent throwback to renter at lower levels.
Market would remain volatile in the coming week on account of geopolitical concerns and any corrective decline during the current volatility towards the support area of 10750 – 10600 should be capitalised as an incremental buying opportunity.
The entire reality space has been buzzing since the last couple of weeks on the hope of GST rate reduction for under construction houses
10875 – 10920 zone will be a strong supply zone and only sustainable move above this level will bring some relief rally to our market.
If the smallcap index manages to hold above the 5670 levels on a closing basis, a meaningful bounce back is likely in the sector.
We maintain our stance that convergence between the broader market and the benchmark index is essential for any sustainable move.
The first half of the week gone by has been fantastic for benchmarks. In the process, Nifty has managed to surpass its multi-month hurdle of 11,000