Nifty may trade in a range, time to buy on dips
Technical analysts expect the Nifty to remain range-bound this week and advise traders to focus on stock-specific actions. ITC, Pidilite, HAL, BEL, LT, Mahindra Mahindra, IndiaMART, TVS Motor, and United Spirits may show bullishness, said analysts.CHANDAN TAPARIA ANALYST-DERIVATIVES, MOTILAL OSWAL FINANCIAL SERVICESWhere is Nifty headed this week? Last week, the index surpassed the previous week’s highs, but concerns over weak global cues resulted in absence of followup buying at higher zones. Now, on an immediate basis, the index has to hold above 17,550 zones for an up-move towards 17,667 and 17,777 zones, whereas supports are placed at 17,442 and 17,350 zones. On positional basis, it requires a decisive move beyond 17,777 zones to commence the next leg of the rally towards 18,000 and 18,200 zones. What should investors do? India VIX spiked 7% last week and hovered near 19-20 zones, which is not giving much comfort to the bulls and it needs to hold below 18 zones for a smother market rally.
Nifty may trade in a range, time to buy on dips
Technical analysts expect the Nifty to remain range-bound this week and advise traders to focus on stock-specific actions. ITC, Pidilite, HAL, BEL, LT, Mahindra Mahindra, IndiaMART, TVS Motor, and United Spirits may show bullishness, said analysts.CHANDAN TAPARIA ANALYST-DERIVATIVES, MOTILAL OSWAL FINANCIAL SERVICESWhere is Nifty headed this week? Last week, the index surpassed the previous week’s highs, but concerns over weak global cues resulted in absence of followup buying at higher zones. Now, on an immediate basis, the index has to hold above 17,550 zones for an up-move towards 17,667 and 17,777 zones, whereas supports are placed at 17,442 and 17,350 zones. On positional basis, it requires a decisive move beyond 17,777 zones to commence the next leg of the rally towards 18,000 and 18,200 zones. What should investors do? India VIX spiked 7% last week and hovered near 19-20 zones, which is not giving much comfort to the bulls and it needs to hold below 18 zones for a smother market rally.