NAGARAJ SHETTI, Senior Technical Analysis Analyst, HDFC SECURITIES
The place will Nifty go this week?
A small black candlestick fashioned on the excessive on the each day chart, inside a slim high-low vary of 87 factors. This exhibits that the market is flat close to resistance. Nifty is at the moment on the threshold of the downward hole opened on August 2, which is round 24,850-24,950 factors. Nifty on the weekly chart fashioned an affordable white candlestick with a smaller decrease shadow. Final week’s key draw back hole resistance was stuffed at 24,690 factors and Nifty ended above this resistance. The underlying pattern of Nifty continues to be risky with a constructive bias. Additional decisive good points from right here may pull it in the direction of 25,100-25,200 factors. Instant assist is 24,600 factors.
What ought to buyers do?
One can proceed to carry lengthy positions in Nifty and shares. Any expectation of consolidation or a slight decline in the direction of 24,600 shall be a shopping for alternative. You possibly can go partially lengthy round 25,100 factors, look ahead to a better goal, and cease loss at 24,500 factors. Shares with a constructive bias embody ICICI Bank of India, bank box, Bajaj AutoSamvardhana Motherson Worldwide, Sun Pharmaceuticalglenmark, Wellspan CorporationJSW Metal, Dixon and Amber.
SAMEET CHAVAN, Head of Expertise and Derivatives Analysis, Angel One
The place is Neferti going?
Energetic participation from small and mid-cap shares in addition to the banking sector laid a stable basis and boosted market sentiment. The dominance of bullish buyers was evident all through, with their sturdy advance/decline ratio serving to the Nifty shut the bearish hole on the weekly chart. Overcoming one other bearish hole close to 24,850-24,950 factors on the each day chart shall be difficult. However as soon as these ranges are conquered, we might witness one other lifetime peak. On the low finish, the assist zone begins rising from 24,750-24,700 factors, adopted by 24,650-24,600 factors, with anticipated declines boding effectively for the bulls.
What ought to buyers do?
When it comes to stock-specific concepts, we might keep away from going lengthy aggressively. However Nicagra’s developments over the previous week nonetheless caught our consideration. We suggest shopping for on dips with a goal worth of Rs 263 and a strict cease lack of Rs 198. Bajaj Auto has confirmed a decisive breakthrough from the months-long congestion part on Friday. Momentum merchants can contemplate shopping for round Rs 10,250 to Rs 10,200 with a goal worth of Rs 10,680 and a cease lack of Rs 99,60.
RUCHIT JAIN, Chief Analysis Analyst, 5PAISA.COM
The place is Neferti going?
The general market vary stays fairly wholesome, which suggests shopping for curiosity in particular shares. The “long-short ratio” of international institutional buyers and purchasers is roughly 52%. The RSI on the each day chart stays constructive, however the decrease time-frame readings are in overbought territory. This setup will both settle down with some consolidation or decline, and one ought to search for shopping for alternatives if any such worth motion happens. The quick assist for Nifty is round 24,680 factors, adopted by positional assist at 24,500 factors. Resistance is close to 24,950, above which the index might rebound to 25,050 after which to 25,400 primarily based on retracement ranges.
What ought to buyers do?
Merchants are suggested to strategy trades with a constructive angle and search for shopping for alternatives. You should buy Bharti Airtel with cease loss at Rs 1,440 and goal at Rs 1,620; Solar Pharma with cease loss at Rs 1,720 and goal at Rs 1,870; Indian Resorts with cease loss above Rs 650 and cease loss at Rs 634.
