The Indian market had a bad start last week due to the continuing worsening of the war situation between Russia and Ukraine. But as the week progressed, the market showed improvement, due to which the market saw some gains and the Nifty appeared to stabilize around 15,700. The market witnessed a V shaped recovery in the next two trading sessions with some easing of global uncertainty. Since the market had been oversold, it saw a sharp recovery. After trading in the range on March 11, the last trading day of the week, Nifty ended the week with good gains.
Last week was definitely an action packed week. Although the start was not good, but as the trading week progressed, the conditions improved and the market managed to close on March 11 with good momentum. Till last week, it was made in our mind that any next round of selling in the market could push Nifty below 16000. Although this happened for a short time, but this situation could not last for long, on the basis of which we can say that all is well that ends well.
The kind of uptrend in the market has been seen from the lower level. This gives us a strong feeling of having a bottom but the current situation is dependent on a war, so we are waiting for confirmation of Nifty moving above a certain level and staying on it, but for the last few trading sessions, the market sentiments There has been a change in our attitude.
As far as the key levels of Nifty are concerned, hurdles are visible at 16,750-16,800. If Nifty stays strong by going above it, then it will be confirmed that the low of March 8 was the bottom of Nifty. On the downside, for Nifty, immediate support is visible at 16,450- 16,200.
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We expect some further consolidation in Sensex-Nifty and some reversal in select stocks. For the current week, we are of the opinion that in case of consolidation, we should adopt a strategy of betting on selected stocks, in which we will get good trading opportunities.
Here we are giving you 2 buy calls in which this week can make huge profits.
NMDC: Buy , LTP: Rs 157.30 | Buying advice in this stock with a stop loss of Rs 152.60 and target of Rs 165 would be a buy call. This week this stock can show a rise of up to 5 percent.
Granules India: Buy , LTP: Rs 308.20 | This stock will have a buy call with a stop loss of Rs 294 and target of Rs 322. This week this stock can show a rise of up to 4.5 percent.
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