Sector-wise, buying was seen in information technology, metals, capital goods, industrials, utilities and the public sector.
Nifty50 is likely to face some resistance around the 16,200 mark while on the downside, 15,800 is likely to act as strong support.
On the lower time frame chart, a ‘Higher Top Higher Bottom’ structure is visible, which is a positive sign for bulls, but some consolidation could be seen at higher levels.
âA move above 16,200-16,250 may attract sellers (especially REITs) to the market. A breakout of 16,275 would be needed to gain further upside momentum, while a move below 15,886 could further extend the downtrend,â said Head of Retail Research Deepak Jasani.
While many negatives are quickly discounted, the flow of new negatives needs to stop for a sustained rise in the markets, he said.
We have collected the actions of various experts for traders who have a short-term trading horizon:
Expert: Chandan, Derivative and Technical Analyst, Fin Services
Maruti Suzuki India: Buy| Objective Rs 9200 | Stop Loss Rs 8570
The stock broke out of its range on the weekly frame and we saw a breakout on the daily frame after breaking past the hurdle, which is a positive sign for the bulls.
Cummins India: Buy | Target Rs 1200 | Stop Loss Rs 1090
The stock saw a price-volume breakout on the daily frame and reversed its four-session lows.
Siemens: Buy | Target Rs 2800 | Stop Loss Rs 2615
We saw a follow-up buy after the weekly breakout and the mechanical indicator turns into a buy zone.
Tata Consumer: Buy| Objective Rs 830 | Stop Loss Rs 770
We have seen a push in price volume on the daily frame and upward on the weekly frame.
Expert: Kunal Bothra, the market expert told ETNow
L&T: Buy| Objective Rs 1750 | Stop Loss Rs 1655
Bharat Electronics: Buy| Target Rs 258 | Stop-Loss Rs 238
Expert: Independent technical analyst Nooresh Merani told ETNow
L&T: Buy| Objective Rs 1850 | Stop Loss Rs 1650
Canara Bank: Buy| Objective Rs 225 | Stop Loss Rs 200
(Disclaimer: The 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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