It looks like Nifty has found a durable bottom near 10,866. Focus should remain on the largecap stocks which can rise further on the back of short covering, suggest experts.
Bulls failed to take control of D-Street as bears took control in the afternoon trade. It was a day of consolidation post Tuesday’s big rally.
A day ahead of expiry, Sensex ended 109 points lower while the Nifty50 closed 13 points down at 11,053.
Sectorally, Metals, Realty, Capital Goods stocks rallied while selling was seen in IT, FMCG, and auto stocks.
US Fed verdict on rates will have bearing on markets when trading resumes on Thursday for markets across the globe.
It looks like Nifty has found a durable bottom near 10,866. Focus should remain on the largecap stocks which can rise further on the back of short covering, suggest experts.
Ahead of the September expiry, Nifty rollover stood at 43 percent. Remember, it was 68 percent in the beginning of September series, and 73 percent for August series.
For Bank Nifty, the rollover is lower than Nifty, it is around 36 percent rollover as of September 26, compared to 65 percent in the beginning of September series, and 77 percent in August series.
Technical View:
Nifty formed a strong bearish candle on the charts
Technically, if Nifty manages to sustain above Wednesday’s low of 10,993 on Thursday, bulls should be able to push the index higher
However, resistance is placed around 11,145-11,170
If Nifty breaches Wednesday’s low then next support is seen at 10,943-10,866
Max Call OI: 11200, 11000
Max Put OI: 11000, 10800
Expiry like to happen in the range of 11000-11200
Technical Recommendations:
We spoke to Bonanza Portfolio and here’s what they have to recommend:
ACC: Buy| CMP: Rs. 1582 | Target Rs 1661 | Stop Loss: Rs 1534| Return 5%
Exide Industries: Buy| CMP: Rs. 273.60| Target Rs 295| Stop Loss Rs 264 | Return 8%
Bharat Electronics: Buy| CMP: Rs.84.20 | Target Rs 95| Stop Loss: Rs 79.40| Return: 12.8%
Disclaimer: The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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