As we move forward, we may witness a correction both in terms of time and price. Dr. Ravi Singh, Senior Vice President of Retail Research at Religare Broking, believes that despite this, the downside is limited as DIIs continue to purchase during market dips. In the past week, major movers like Zomato, Adani Energy Solutions, Adani Wilmar, and others have caught the attention of investors. Here’s what Dr. Singh suggests regarding these stocks:
Zomato: Ride the trend with a stop at 230.
Adani Energy: Hold on with a stop at 1200.
Adani Wilmar: Avoid fresh longs, but hold existing positions with a stop at 360.
Aegis Logistics: Consider exiting as the stock may test the 700 level.
Birlasoft: Avoid new long positions, and for existing ones, use a stop at 580.
Macrotech Developers: Avoid fresh entries and consider exiting existing long positions.
Looking ahead, we expect volatility in the markets due to the Bank of Japan’s rate hike and weak US data. Key triggers to watch for include upcoming US economic reports, central bank announcements, corporate earnings, and geopolitical developments. Technical indicators and market trends will play a crucial role in determining short-term movements. For Nifty 50, key support levels are at 24,600 and 24,350, with resistance around 25,100-25,250. For Bank Nifty, watch support at 51,000 and 50,500, and resistance around 51,800 and 52,200.
In terms of retail traders’ response to SEBI’s consultation paper on the derivatives market, opinions are divided. While some appreciate the move for enhancing transparency and regulation, others feel it missed the mark in terms of benefiting retail investors directly. The quarter one earnings haven’t been too promising, and as the market consolidates, investors may need to keep an eye on factors like geopolitical stability and US market trends.
We believe that defensive sectors like pharma are poised to outperform the market, and there is potential in the PSU sector. Investors can consider accumulating quality names in the PSU space during dips. Stay tuned for updates on these stocks and make informed decisions in the ever-evolving market environment.
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(Disclaimer: Recommendations and views shared are solely the opinion of the expert and do not necessarily reflect the views of Economic Times)