Indian fairness markets are on a protracted break from 14 April to 17 April on account of Ambedkar Jayanti, Good Friday and weekend holidays. Trading exercise will resume on Monday (18 April) after remaining suspended for 4 consecutive days. Benchmark NSE Nifty 50 is predicted to extend ongoing consolidation with optimistic bias within the vary of 17200-17800 within the coming week amid inventory particular motion. “Buy dips as we do not expect Nifty to breach strong support of 17200 levels,” stated analysts at ICICI Direct. Stock particular efficiency of the broader market is predicted to proceed. Sectorally, BFSI, Metal themes are anticipated to do nicely together with inventory particular performances by IT, Capital items, it added.
Top inventory picks:
Largecap: State financial institution of India, Axis Bank, Tata Consultancy Services (TCS), Adani Ports, Reliance Industries (RIL), ITC, JSW Steel
Midcap: ABB, Bharat Electronics, Cochin Shipyard, Thermax, Praj Industries, Voltas, Indian Hotels, Rallis, Redington
Nifty: Range sure to optimistic motion possible
Nifty consolidation might proceed in coming weeks amid outcomes of index heavyweights reminiscent of HDFC Bank and ICICI Bank. A spread sure to optimistic motion is probably going within the index in coming periods. Sectorally, the banking house might proceed to outperform and supply assist in case of any prolonged declines, in keeping with the analysts.
“Going ahead, we believe current levels near 17400-17500 should be crucial for the index as it holds the major Put base for the weekly and monthly settlement. Also, the open interest in index futures is relatively low and high basis prevailing in index futures is normalised once again. Moreover, despite recent sell-off among heavyweights, the volatility index is still hovering below 18 and seems like there should be limited downsides from current levels,” ICICI Direct stated.
Bank Nifty: Fresh upsides anticipated solely above 38000
The Bank Nifty traded in a slender and tight band of virtually 500 factors all through the truncated week. There was extra of a inventory particular motion than broad primarily based participation. PSU shares continued to carry out nicely whereas shares like HDFC Bank violated their Put base of 1500 and closed under this degree. Even although the Bank Nifty index managed to outperform for just a few periods, it did not maintain comply with up momentum and maintain above 38000 ranges.
“We believe fresh upsides would be seen only above 38000 levels now. Until then, there would be stock specific action. We feel the index remains a buy on dip with 37000,” it stated. Analysts at ICICI Direct consider that outperformance will resume once more within the index as soon as it closes above 38000 ranges.
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Source: www.financialexpress.com”
