Indian market started on a strong note on Friday tracking positive global cues. The S&P BSE Sensex rallied more than 200 points while the Nifty50 rose above 17400 levels in the first 15-minutes of trade.
Sectorally, buying was seen in telecom, IT, banks, capital goods, and FMCG while some selling was seen in oil & gas, Energy, auto, and consumer durable space.
Experts are of the view that the Nifty50 could consolidate near 17,500 levels on the upside amid a rise in India VIX so far this week, a gauge of volatility in the stock market.
The formation of a broadening wedge pattern puts an end to the blistering series of up moves, but not necessarily the uptrend as such, suggest experts.
“We have stepped into a consolidation period with ample opportunities for traders on either side, especially given the rise in VIX,” Anand James – Chief Market Strategist at
“Favoured view also expects upside attempts to slow down on approach to 17,450-570 region and downside attempts to slow down on approach to the 17,220 vicinity. Directional moves may wait for 17570-17160range to be broken,” he added.
We have collated stocks from various experts for traders who have a short-term trading horizon:
Expert: Pritesh Mehta, Lead Technical Analyst, Yes Securities told ETBureau
Life Insurance: Buy| Target Rs 610| Stop Loss Rs 542
The stock recorded a bullish double top pattern, and turtle & ABC breakouts on P&F chart which suggest that the upmove is likely to continue.
Havells India: Buy| Target Rs 1460| Stop Loss Rs 1260
There are multiple positive patterns at play on the P&F chart (bear trap reversal &bullish turtle).
MindTree: Buy| Target Rs 3920| Stop Loss Rs 3380
It is coming off a base-building pattern post consolidation around its two-year mean.
, Derivative & Technical Analyst, MOSL told ETNow
Infosys: Buy| Target Rs 1665| Stop Loss Rs 1570
Asian Paints: Buy| Target Rs 3600| Stop Loss Rs 3375
Havells India: Buy| Target Rs 1360| Stop Loss Rs 1280
Expert: Nooresh Merani, independent technical analyst told ETNow
Wipro: Buy| Target Rs 470| Stop Loss Rs 428
Sun Pharma: Buy| Target Rs 950| Stop Loss Rs 890
Wonderla Holidays: Buy| Target Rs 300| Stop Loss Rs 255
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)