JIgar Patel thinks that Bank Nifty might break the October low in the coming 1-2 months.
Nykaa was the third largest gainer in the Nifty500, rising more than 9 percent with robust volumes after breakout of horizontal resistance trendline adjoining multiple touchpoints. The stock traded above all key moving averages.
Expert expects strong moves in the broader market; hence, one needs to have a stock-centric approach for better trading opportunities.
AI is finding demand among various Indian companies for technology, sales, customer support and marketing. These stocks may gain from the artificial intelligence play.
Expert expects to see derating in smaller PSBs as the surge in other income, the primary driver of superior RoE (return on equity) in FY23 could be transient.
Options data also indicated that 19,800-19,900 will be the resistance area for the Nifty50 in an immediate term, with support at 19,600-19,500 levels
Coforge has formed robust bullish candlestick pattern on the daily scale with above average volumes. In fact, there was a consolidation breakout in previous session, and now the stock traded above all key moving averages, which is positive sign.
The overall outlook for the Nifty Index leans favourably towards a positive scenario.
The options data suggested that 19,800-20,000 will act as a resistance area for the Nifty50, with immediate support at 19,700-19,600 levels
Looking ahead, the bullish sentiment is likely to persist as long as the index remains above 19,500.
Eicher Motors traded way above all key moving averages and largely maintained upward trend after a range breakout in previous week.
Options data indicated that 19,700-19,800 is expected to be an immediate resistance for the Nifty50, with support in the 19,600-19,500 area
Power Finance Corporation is overbought on both daily and weekly charts, says Milan Vaishnav of Gemstone.
Any correction towards 19,330 on the Nifty50 will offer a good opportunity to go long as it converges with 21DMA (19,348) as well as a bullish gap support area while the nearest resistance arrives at 19,550.
Hindustan Copper has seen a breakout of downward sloping resistance trendline and has formed robust bullish candlestick pattern on the daily timeframe with significantly higher volume.
Vinay Rajani of HDFC Securities expects markets to perform well in the coming times and dips should be utilised to go long as far as positional trades and investments are concerned.
On the weekly options front, 19,500 strike maintained the maximum Call open interest, followed by 19,600 strike, with Call writing at similar strikes, which indicating that 19,500-19,600 seems to critical resistance area for further upmove in the Nifty.
If the Nifty50 decisively holds 19,500 as well as moved above the falling resistance trendline, then the index can start marching towards the high of October at 19,850
Nifty in month of November can move between broad range of 19,700 – 19,100 levels, says Ashish Kyal.
Sobha formed robust bullish candlestick pattern on monthly charts, with making higher highs, higher lows formation for third consecutive month. The stock traded well above all key moving averages.
The stronger bullish momentum on the Nifty50 can be only witnessed above 19,750-19,850-zone.
Options data indicated that 19,500 is expected to be crucial for march towards 19,600-19,800 levels, with support at 19,400 & 19,300 levels.
Rohit Srivastava of Indiacharts feels if the Nifty picks up in the next few weeks, the momentum will go back to sectors like PSUs and Autos
The strength in bulls can be confirmed in case the Nifty goes above 19,450/19,460 levels, similarly for Bank Nifty the same can be seen above 44,000/44,100 zone.
Viraj Vyas advises creating a non-directional spread in Nifty50 by selling 1 lot of 19,100PE and 1 lot of 19,500CE.