Best Stocks Tips: Talking about the last 7 trading days, the markets have closed in the red mark for 6 days. On Monday 22 March, the Sensex and Nifty closed in the red mark. The Sensex has lost nearly 3000 points from its all-time high. For the past few days, the Sensex and the Nifty were moving in a range. If you look carefully at the prize action of individual stocks (especially in the F&O sector), some distribution is clearly visible. The main reason for the recent fall in the Nifty and other major indices was the overall sales in some stocks. The domestic stock market was in a situation of oversold, so the rebound was already being anticipated. Currently, if the 15050 level does not break upwards, then the market is expected to be rangebound.
How will the market be this week
It has to be seen how the stock market behaves in the next few days. On the higher side, there is a registration level of 14875-15050. At the same time, 14450-14350 has become a major support zone. If the Nifty breaks down to the level of 14330, then only the market is expected to rise. If this does not happen, the Sensex and the Nifty are expected to remain in a wider range.
What to do investor
Now Monthly Expiry Week is coming. The market is expected to remain volatile. In such a situation, traders are advised to keep a stock-specific perspective for a short time. Until the Nifty crosses 15050, we are likely to see some pressure on higher levels. For this reason, instead of buying aggressively, the investor should trade with the right risk management.
BPCL
The stock price has managed to find support in many previous resistance zones around 424. So far this year, the stock has risen from Rs 381 to Rs 432. This coincides with the ’89-day EMA ‘. So it is expected that the stock will start climbing again. The stock is expected to gain further momentum. It can be invested with a target of Rs 448. The current price of the share is 432 rupees. However, the stop loss can be kept at Rs 418 for this.
Cadila Healthcare
With the smart recovery last week, the daily close was above this major moving average. In addition, the candle also resembles the ‘Bullish Hammer’ pattern. Because of all this, the possibility of some relief on the card is high. In the coming days, the stock can achieve a target of Rs 445. If there is some fall in the stock, then invest at the rate of Rs 418. Keep the stop loss strictly around Rs 407.
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Axis Bank
The stock has been under pressure for the past few seasons. It is clearly visible on the chart as well. Share prices have slipped below their recent consolidation range. In the last session also, the stock weakened and closed in the red mark. The stock is expected to face stiff resistance around 730-735. Talking about the coming days, it may fall further. It is advisable to shorten the stock to a target of 700 rupees. Stop loss can be kept at Rs 746.
(Author: Sameet Chavan, Chief Analyst, Technical & Derivatives, Angel Broking Limited)