Gaurav Ratnaparkhi, Head of Technical Analysis, Sharekhan by BNP Paribas stated that the Nifty50 would possibly consolidate within the vary of 17000-17500 within the expiry week.
In an interview with Zeebiz’s Kshitij Anand, Ratnaparkhi highlighted that inside the vary of 17000 to 17500, and dip in the direction of the decrease finish of the vary may be taken as a shopping for alternative for the short-term merchants.
See Zee Enterprise Reside TV Streaming Beneath:
Q) Markets closed with losses of almost 1 per cent for the week ended March 25. What led to the worth motion on D-Road as there was some nervousness within the second half of the week?
A) The Nifty50 was unable to increase past 61.8% retracement of the January – March decline. It tried to surpass that degree, which is close to 17330, within the final week; nevertheless, couldn’t maintain itself within the increased territory.
The general construction exhibits that the index is consolidating its good points after the latest rally from the low of 15,671.
Q) How do you see markets shifting within the final week of March which may even be F&O expiry week. Any vital ranges that buyers ought to monitor on Nifty50 and NiftyBank?
A) The Nifty50 would possibly consolidate within the vary of 17000-17500 within the expiry week. Inside this vary, dip in the direction of 17000 may be taken as a shopping for alternative for the short-term merchants.
A number of assist parameters are current close to 17000, that are providing assist to the Nifty50. For Financial institution Nifty, 34500-36800 would be the vary for the short-term.
Going ahead, short-term merchants can go for staggered shopping for close to 35,000-34,500
Q) Sectorally, metals, power shares take lead whereas shopper sturdy shares noticed promoting stress. What led to the worth motion? Will metallic shares be in limelight within the April sequence?
A) As you rightly talked about, a number of the shopper sturdy shares witnessed draw back stress whereas metals and choose power shares noticed good traction in the previous couple of classes.
Nevertheless, these two sectors, metals & power, are dropping momentum on the upside. So, there’s a risk of a short-term dip of about 3-5%. However, publish the dip, they’re anticipated to renew the bigger uptrend in April
Q) What’s your view on Tata Tele? The inventory rose over 20 per cent in every week. What does the technical counsel?
A) The inventory is witnessing a pointy rally during the last three weeks. On the way in which up, it has crossed short-term hurdles and has retraced 38.2% of the January – March decline.
General, the setup means that the optimistic momentum can proceed additional and the inventory can head in the direction of the swing excessive of 180.80 and subsequently to the 50% retracement i.e. positioned at Rs 190
Q) Your 3-4 shares which can be trying enticing for the April sequence?
A) Here’s a listing of shares for the following 3-4 weeks:
Godrej Properties: Purchase| LTP: Rs 1621| Cease Loss: Rs 1533| Goal Rs 1720-1800| Upside 11%
The inventory has damaged out from a multi-month falling channel. The day by day momentum indicator is according to the worth breakout. Therefore, the setup is enticing from a brief to medium-term perspective.
Ashok Leyland: Purchase| LTP Rs 113.50| Cease Loss: Rs 108| Goal: Rs 121-128| Upside 12%
The inventory has damaged out from a falling channel and even retested the breakout line. Structurally, it’s gearing up for the following leg up. The chance-reward ratio is enticing on the present degree.
Bata India: Purchase| LTP Rs 1935| Cease Loss: Rs 1860| Goal Rs 2030-2120| Upside 9.5%
The inventory is about for a breakout from a quick consolidation. On the day by day chart, it’s forming increased high increased backside & is predicted to proceed with this bullish formation.
The day by day higher Bollinger Band is increasing and creating room on the upside.
(Disclaimer: The views/strategies/advices expressed right here on this article is solely by funding consultants. Zee Enterprise suggests its readers to seek the advice of with their funding advisers earlier than making any monetary choice.)