Indian markets started on a strong note on Thursday followed by the positive trends seen in other Asian markets. The S&P BSE Sensex rallied more than 300 points while the Nifty50 inched closer to 17,500 in the first 15-minutes of trade.
Sectorally, rally was seen in IT, metals, capital goods, and auto while some selling was seen in realty stocks.
On the upside, Nifty50 could face some resistance near 17,500-17,525 levels while on the downside support is placed at 17,200-17,000 levels, suggested experts.
“Traders need to be very specific in the stock selection for trading and in fact look to lighten up longs in the up move from hereon,” Ruchit Jain, Lead Research, 5paisa.com, said.
“The immediate support for Nifty is placed around 17,225-17,200 below which it could then retrace the recent rally and correct towards 17,000. On the flip side, 17,465-17,525 are the resistances to watch for,” he added.
We have collated stocks from various experts for traders who have a short-term trading horizon:
Expert: Rajesh Palviya, VP – Technical & Derivative Research, Axis Securities told ETBureau
BASF: Buy| Target Rs 3,130| Stop Loss Rs 2,730
The stock recorded “Multiple Resistance” breakout at 2,800 along with huge volumes and it sustained above multiple SMAs which is a positive sign for the bulls.
Grindwell Norton Ltd: Buy| Target Rs 2,260| Stop Loss Rs 1,880
The stock recorded a 7-months’ ‘Multiple Resistance’ breakout at 1,970 along with huge volumes which is a positive sign for the bulls.
IRB Infrastructure Developers: Buy| Target Rs 285| Stop Loss Rs 225
The stock gave a breakout above the downward sloping trendline at 220. It is now sustaining above the 20,50, 100 and 200-Day SMAs.
Expert: Kunal Bothra, Market Expert told ETNow
ICICI Bank: Buy| Target Rs 844| Stop Loss Rs 810
Infosys: Buy| Target Rs 1,600| Sop Loss Rs 1,535
Dr Lal PathLabs: Buy| Target Rs 2,500| Stop Loss Rs 2,260
Expert: Nooresh Merani, independent technical analyst told ETNow
Bajaj Auto: Buy| Target Rs 4,300| Stop Loss Rs 3,900
Sun Pharma: Buy| Target Rs 950| Stop Loss Rs 890
Jubilant FoodWorks: Buy| Target Rs 640| Stop Loss Rs 564
(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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