The Indian market started on a firm note on Monday tracking positive global cues. The S&P BSE Sensex rallied more than 100 points while Nifty50 reclaimed 17,200 levels in the first 15-minutes of trade.
Sectorally, buying was seen in auto, metals, consumer discretionary, power, and telecom while some profit booking was seen in realty, IT, oil & gas, and energy stocks.
The Nifty50 has comfortably surpassed 17,000-17,100 in July and now market action will be guided by auto sales, PMI numbers and GST collection figures for cues as well as the outcome of the MPC meeting scheduled for August 5.
On the earnings front, companies like , M&M, , , etc. will be declaring their results for the quarter ended June this week.
The Nifty50 could face some resistance near 17,300-17,400 levels as most technical indicators are in an overbought zone and some consolidation cannot be ruled out.
“Even though oscillators are overbought, zeroing in on a turnaround point is an onerous task, as continuation patterns and momentum remain dominant, suggesting that a significant fall prior to achievement of 17,500 is less likely,” said Anand James, Chief Market Strategist at
“We will keep the vigil for potential withdrawal in buyers, on approach to 17,320 and 17,045 identified on either side of the present level. Major supports are seen at 16,960 and 16,800-16,750 regions,” he added.
We have collated stocks from various experts for traders who have a short-term trading horizon:
, Derivative & Technical Analyst, MOSL told ETBureau
Bata India: Buy| Target Rs 2050| Stop Loss Rs 1919
An increase in price and volumes over three sessions has helped this stock to come out of its range. It is now trending upwards which is a positive sign for the bulls.
Tata Elxsi: Buy| Target Rs 9000| Stop Loss Rs 8535
The stock is moving in an upward trending channel on the daily frame and supports are also shifting higher.
Ltd: Buy| Target Rs 2490| Stop Loss Rs 2323
Follow-up buying is visible and has surpassed its previous resistance zone.
Hindalco: Buy| Target Rs 434| Stop Loss Rs 405
The stock recorded a price-volume breakout with strong closing and is making higher lows from the last five weeks.
Expert: Kunal Bothra, Market Expert told ETNow
HDFC Ltd: Buy| Target Rs 2450| Stop Loss Rs 2360
Coal India: Buy| Target Rs 225| Stop Loss Rs 200
IRCTC: Buy| Target Rs 675| Stop Loss Rs 614
Expert: Nooresh Merani, independent technical analyst told ETNow
Hero MotoCorp: Buy| Target Rs 3200| Stop Loss Rs 2770
L&T Finance: Buy| Target Rs 85| Stop Loss Rs 73
Muthoot Finance: Buy| Target Rs 1200| Stop Loss Rs 1045
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)