Rajesh Palvia
Head of Technical Derivatives at AXIS Securities
The place is the gorgeous quantity going?
The index fashioned a protracted bullish candle on the weekly chart, engulfing the earlier week’s candle and shutting above the earlier week’s excessive, indicating a optimistic bias. Chart patterns recommend that if Nifty crosses and sustains above 24,200 ranges, shopping for is more likely to emerge, main the index in the direction of 24,500-24,600 ranges. Quite the opposite, if the index falls beneath 23,900 factors, a sell-off could happen, pushing it in the direction of 23,800-23,600 ranges. What ought to buyers do?
Shares anticipated to point out bullish momentum embody rely, ICICI Bank of India, LIC Housing Finance, Grasim, Praj Industries, Biocon, Apollo Tires, Tata Motors and BEL. Contemplate a average bullish technique utilizing a bull name unfold with a July 4th weekly expiration. This entails the acquisition of a tranche of 24,100 train name choices at a premium of Rs 134 and the sale of a tranche of 24,400 train name choices at a premium of Rs 35. Whereas the chance is restricted, so is the potential revenue.
Apurva Shah
Head of Market Analysis, SAMCO Securities
The place will Nifty go subsequent week?
Nifty hit a brand new all-time excessive final week and crossed the psychological barrier of 24,000 factors. At this level, the index has set 24 new all-time closing highs in 2024. bull has a agency grasp on the index and seems to be in no temper to let go in July, the market’s greatest month. The index has closed greater in 9 of the previous 10 years, with a median achieve of three.3%, the very best of any month. The index has damaged out of an increasing bullhorn sample, which suggests greater ranges of 24,500 could also be reached in July. Nevertheless, the index is more likely to consolidate instantly and will even give again a few of its latest positive aspects and fall in the direction of the 50% retracement help at 23,762, which noticed the decline from the low of 23,350 to the excessive of 24,174.
What ought to buyers do?
Traders ought to observe the buy-on-the-dip method. You’ll be able to go lengthy at 23,762-23,664 factors, cease loss at 23,500 factors, and goal 24,500 factors. Midcap shares like KPIT Tech, Gulf Oil Lubricants, CE Data Techniques and Mahindra Logistics are most well-liked for buying and selling.
Rahul Sharma
Head of Expertise and Derivatives Analysis at JM Monetary Companies
The place will Nifty go this week?
Nifty fashioned an enormous bullish engulfing candle on the weekly chart and ended the week and month with a heavy end above 24,000 ranges. The Nifty choices chain confirmed open curiosity concentrated at 24,000 places and 24,500 calls, whereas the overheated put-to-call ratio on Friday has cooled to 1.17. Nevertheless, we advocate warning on new longs because the risk-reward is fading at greater ranges. We count on the Nifty to roughly enter a two-month correction as soon as the present momentum fades away within the coming days. The help ranges are 23,985 factors and 23,665 factors, and the resistance ranges are 24,175 factors and 24,500 factors.
What ought to buyers do?
Traders are suggested to begin taking income in areas with latest market outperformance, reminiscent of non-public banks. Optimistic perspective in the direction of PSUs and pharma trade. The worth to purchase Cipla is Rs 1,480. The inventory has robust help at Rs 1,465. Purchased Tata Motors at 990 rupees with cease loss at 948 rupees.
