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Edited excerpts from a chat:
Following new peaks made by Nifty this week, how cautious would you be in the next week ahead of the monthly F&O expiry? What are the key levels to watch out for?
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Nifty experienced a volatile trading session but ultimately closed with significant gains, surpassing the 22,000 mark. The outlook suggests a potential upward movement in the coming weeks, aiming for levels around 22,500-22,700, with robust support identified at 22,000.
Do you see the trend of private banks racing ahead of their PSU counterparts sustaining in the days to come amid delivery-based buying in counters like HDFC Bank?
The large PSU banks, including SBI, Canara Bank, and Bank of Baroda, continue to present buying opportunities on dips. However, private banks, except for HDFC Bank, are not witnessing substantial buying interest. HDFC Bank needs to surpass the hurdle of 1450 on a closing basis to confirm the upward momentum toward the targets of 1540/1600.
Do you find cherry-picking opportunities in PSU bank stocks after the dip?
Certain PSU stocks, such as BEL, NCC, NBCC, and IRCTC, appear attractive at current levels. However, other PSU stocks may require a correction of 5-10% for an ideal buying opportunity. Investors are advised to consider adding more of the mentioned stocks during any dips.
Yes Bank shares ended the week around 8% lower. What are the charts telling you? Do some technical analysis for us on how should one trade
The stock faces a critical technical support zone between 25-24. A breach below this range on a closing basis could indicate further downside. The overall bullish sentiment remains intact as long as this support level holds, targeting a move towards 30. Immediate resistance on the upside is observed at 27.5, and a breakout above this level may accelerate momentum towards the 30 mark.
Paytm is turning out to be one of the top weekly gainers in the BSE500 pack. Given the volatile and extreme movements in the stock since the last 3 weeks, is it better to stay away?
The stock, previously in the spotlight for negative reasons, has recently seen some buying interest in the past few trading sessions. There is a potential for a pullback rally towards 440, and if the stock manages to sustain above this level, further upside movement may be expected. However, caution is advised, as the immediate downside support is at 380, and a break below this level could indicate renewed weakness.
Give us your top trading ideas for the week.
BUY IRCTC AT 960, SL-910, TGT 1020/1070
IRCTC stock has recently experienced a significant breakout on the daily chart, accompanied by a notable surge in volumes. The stock successfully surpassed its 20-day moving average (20DMA) with strong volume support, signaling robust momentum. Additionally, the momentum indicator has provided a positive crossover, further confirming the bullish outlook for the stock.
BUY Indiabulls Housing Finance in the range of 205-200 , SL-185, TGT 240/250
IBULHSGFIN has recently experienced a robust breakout on the daily chart, marked by a sharp surge in volumes, particularly from a falling trendline. The stock is currently trading above its critical short-term moving averages, affirming a bullish undertone in its trend. Furthermore, the momentum indicator, RSI, has turned from the oversold territory, indicating the resumption of a new upward trend.
BUY JSW Energy at 505 , SL-480, TGT-550/570
The stock is currently in consolidation within a broad range and shows signs of an imminent breakout on the daily chart. The momentum indicator, RSI, has provided a positive crossover, confirming a buy signal. Additionally, there is visible lower-end support at 480, acting as a cushion for the bulls. The stock has the potential to reach upside targets at 550/570 once the breakout is confirmed.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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