CHANDAN TAPARIA
ANALYST-DERIVATIVES, MOTILAL OSWAL FINANCIAL SERVICES
Where is the Nifty headed this week?
Till Nifty holds below 19,420 zone, overall weakness could be seen towards 19,100 and 18,888 zones, whereas the hurdles are placed at 19,420 and then 19,560 zones.
What should investors do?
Sector-wise bullish formation is seen in auto, FMCG and selective cement; while the metal and IT sectors are weak. Stock-wise positive setups are seen in Escorts, ACC, Ambuja Cement, Eicher Motor, Bharat Forge, MRF, Axis Bank, Dixon and IDFC First Bank, while weakness in Astral, Naukri, Balrampur Chini, L&T Finance, IEX, M&M Finance and BPCL.
RAHUL SHARMA
DIRECTOR, HEADTECHNICAL & DERIVATIVE, JM FINANCIAL SERVICES
Where is the Nifty headed this week?
Failure to break 19,250 and breach of resistances would mean fresh longs addition can be done. Short only if we break 19,250 decisively.
What should investors do?
Maruti, trading at Rs 9,456, has witnessed short covering on Friday and 12-day high volumes. Expect it to test Rs 9,620- 9,700 on the upside. Max Financial Services at Rs 871 can see a positional move up to Rs 935-1,000 in the coming weeks as it has given the highest weekly close in 12 months. Britannia, which trades at Rs 4,535, is showing signs of bottoming out near its 200-DEMA of Rs 4,478. Expect a bounce back-up to Rs 4,700-4,750.
NAGARAJ SHETTI
SENIOR TECHNICAL RESEARCH ANALYST, HDFC SECURITIES
Where is the Nifty heading this week?
Further weakness could drag Nifty to another crucial support of 19,000-18,900 levels before showing any reasonable upside bounce. Strong resistance is at 19,500. Long-term trend of the market remains intact.
What should an investor do?
One may look to create short positions in Nifty and look stock specific. Short Nifty with a stop loss at 19,500. Stocks with positive bias include Bank of India, UCO Bank, Tata Motors, Bharat Forge, JSW Steel, TV18 and Zee. Stocks with negative bias are BPCL, IOC, Asian Paints, Info Edge, Indraprastha Gas and Petronet.