Nifty's 100-DEMA around 24,140-24,170 zone is an immediate hurdle; breakout above this can trigger a rally towards 24,500-24,600 levels, says Osho Krishan, technical and derivatives at Angel One.
Analysts at Bajaj Broking said the monthly stochastic rebounded from oversold territory and generated a 'Buy' signal, suggesting a likely positive bias going ahead.
An analysis of Nifty 500 stocks, reveals that nearly 50 per cent of the shares trade on either side of the long-term 200-day moving average; thus suggesting that the market is at crossroads currently.
Anand James, chief market strategist at Geojit Investments sees up to 11% upside in Viyash Scientific, Samhi Hotels and Engineers India based on the chart set-up.
Ajit Mishra of Religare Broking believes that the recent pullback in RIL stock is showing signs of recovery, and adds that a breakout above ₹1,380 could signal a trend reversal.
The formation of a 'Doji' candlestick on the Nifty weekly chart reflects indecision between bulls and bears, explains Hitesh Rathi, technical analyst at Angel One.
Kunal Kamble, technical research analyst at Bonanza reckons that Maithan Alloys, Olectra Greentech, Borosil Renewables are displaying a positive chart structure and look poised for further upside.
Foray into green energy, data centres and reducing dependence on the oil & gas business augur well for Reliance Industries, says G Chokkalingam founder of Equinomics Research.
Analysts at Kedia Stocks and Commodities Research expect Silver prices to fall to $48.60 levels in the bear-case scenario. On the upside, they expect prices to zoom up to $170 in the next bull cycle.
Technical analysts caution that the short-term trend for Nifty remains weak, and the index could extend the fall toward 22,800-22,700 levels in the coming sessions.
Amid the ₹14,261.41 crore sell-off, Sudeep Shah of SBI Securities believes that FIIs build-up short positions in index futures over the last three sessions, indicating increasing bearish bets.
Axis Securities in its weekly technical outlook and stock picks forecasts up to 17% upside in Varun Beverages, Manappuram Finance and Endurance Technologies.
Om Mehra of SAMCO Securities decodes stock charts of Karur Vysya Bank, DCB and CUB, and shares insights on the likely trend and key levels to watch out for in the near-term.
Amol Athawale, technical analyst at Kotak Securities believes that M&M Finance is still showing some positive structure; while cautions of a weaker set-up in case of Larsen & Toubro and Hero MotoCorp.
Broader markets defied the benchmark indices as the Nifty Midcap 100 was up 0.10 per cent, and the Nifty Smallcap 100 indices also gained 0.37 per cent
