Indian markets started on a strong note on Monday tracking positive global cues. The S&P BSE Sensex reclaimed the 54,000 mark while the Nifty50 inched closer towards 16,200 levels in the first 15-minutes of trade.
Sectorally, buying was seen in IT, 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 seen which is a positive sign for the bulls, but some consolidation could be seen at higher levels.
“A move above 16,200-16,250 can attract sellers (especially FPIs) into the market. A breach of 16,275 would be required to gain further upward momentum while a move below 15,886 could extend further bearishness,” Deepak Jasani, Head of Retail Research,
Securities, said.
While quite a few negatives are getting discounted fast, the flow of fresh negatives needs to stop for a sustainable rise in markets, he said.
We have collated stocks from various experts for traders who have a short-term trading horizon:
Expert: Chandan , Derivative & Technical Analyst, Fin Services
Maruti Suzuki India: Buy| Target Rs 9200| Stop Loss Rs 8570
The stock came out of its range on the weekly frame and we saw a breakout on the daily frame after surpassing the past hurdle, which is a positive sign for the bulls.
Cummins India: Buy| Target Rs 1200| Stop Loss Rs 1090
The stock witnessed a price-volume breakout on the daily frame and negated its lower lows of the last four sessions.
Siemens: Buy| Target Rs 2800| Stop Loss Rs 2615
We saw a follow-up buying after the weekly breakout and the mechanical indicator is turning into a buying zone.
Tata Consumer: Buy| Target Rs 830| Stop Loss Rs 770
We witnessed a price volume spurt on the daily frame and is trending upwards on the weekly frame.
Expert: Kunal Bothra, Market Expert told ETNow
L&T: Buy| Target Rs 1750| Stop Loss Rs 1655
Bharat Electronics: Buy| Target Rs 258| Stop Loss Rs 238
Expert: Nooresh Merani, independent technical analyst told ETNow
L&T: Buy| Target Rs 1850| Stop Loss Rs 1650
Canara Bank: Buy| Target Rs 225| Stop Loss Rs 200
(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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