In the week ending February 11, there was strong action in the market. There was heavy volatility in the market amid mixed global cues. The market had started last week with weakness and in the first half of the week, there was increasing selling in the market. In this sequence, there was a huge decline in the market and Nifty reached near the psychological level of about 17,000. However, there was some recovery in the mid session and Nifty managed to maintain the level of 17000. Nifty was seen going up to 17,650 due to buying in select blue chip stocks. Then on Friday, the market once again came under selling pressure due to concerns about a rise in interest rates in the US and ended the week in the negative zone.
As long as there is uncertainty in the global market, the domestic markets will also remain volatile and there will be pressure on the upper levels. Important support is seen for Nifty at 17,000. Its supporting trendline is also supported. As long as Nifty manages to hold on to 17,000, then there is every possibility of it going up. On the upside, supply seems to be coming at 17,650. If Nifty rises above this level with strong strength, then 18,000 level can be seen in the near future.
Share Market Live Update- SGX NIFTY is giving indications, Indian market may start weak
The market can be seen trading in range till a definite break out is seen. In such a situation, we should focus on selected stocks only. Going forward, the market will keep an eye on the global cues, along with this, strong leadership from the important sectors will be seen accelerating the domestic market.
Going by the technical structure and sentiments of the market, it seems that the market will remain in a state of uncertainty as the market has narrowed in the recent times. Meanwhile, we may see some setbacks in the near term, so adopt a strategy to bet only on select quality stocks in the coming weeks.
Today’s two top picks in which there can be huge earnings in 2-3 weeks
Mahindra & Mahindra: Buy , LTP: Rs 853.65 | Buying advice is on Mahindra & Mahindra with a stop loss of Rs 815 and target of Rs 910. This stock can give a return of 6.6 percent in 2-3 weeks.
BSE: Buy | LTP: Rs 2,271.40 | Buying advice will be given on BSE with a stop loss of Rs 2,100 and target of Rs 2,500. This stock can give 10 percent return in 2-3 weeks.
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