The US Federal Reserve holds rates steady but signaled fresh concerns about inflation. However, the session could turn volatile as we are trading near record highs, suggest experts.
Positive factors that could support the uptrend include record-high GST revenue, FIIs and DIIs being net buyers, and WTI oil prices falling below $80 a barrel.
“Thursday’s trading is expected to be volatile as the Federal Reserve maintains interest rates at a 23-year high due to inflation concerns,” Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
“Investors anticipate a pre-election rally and Federal Reserve Chair Powell dismissing talks of ‘stagflation’. Nifty’s crucial levels are at 22800 resistance and 22000 support,” he said.“Preferred trades include buying Nifty and Bank Nifty within specified zones. Stocks like Coal India, Grasim, IndusInd Bank, and Colgate Palmolive are bullish with an inter-week/inter-month perspective,” highlighted Mehta.We have collated a list of stocks from the F&O basket along with cash market from various experts for traders who have a short-term trading horizon:
Expert: Gajendra Prabhu, Technical and Derivative Analyst at HDFC Securities told ETBureau
Balrampur Chini Mills: Buy| Target Rs 429| Stop Loss Rs 380
NBCC: Buy| Target Rs 153| Stop Loss Rs 134
Astral Ltd: Buy| Target Rs 2300| Stop Loss Rs 2040
Expert: Kunal Bothra, Market Expert told ETNow
Laurus Labs: Buy| Target Rs 475| Stop Loss Rs 440
Voltas: Buy| Target Rs 1520| Stop Loss Rs 1450
PFC: Buy| Target Rs 475| Stop Loss Rs 424
Expert: Nooresh Merani, an independent technical analyst told ETNow
LIC Housing Finance: Buy| Target Rs 750| Stop Loss Rs 665
HDFC AMC: Buy| Target Rs 4250| Stop Loss Rs 3800
Crompton Greaves: Buy| Target Rs 360| Stop Loss Rs 305
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)