India's retail inflation breached the RBI's 6% upside limit, and the US 10-year bond yield jumped back above 5%, raising fears of rate hikes in the December policy meet.
Anand James of Geojit Investments highlights that less than 20% of large-cap stocks traded above the 200-DMAs, towards the end of October, and now over 60% quote above their long-term moving averages.
Ponmudi of Enrich Money reckons that the Nifty is likely to maintain a positive near-term bias, while some consolidation may emerge following the sharp recent rally.
Astral stock also registered its 52-week low at ₹1,215.50 on the NSE in Friday's trading session, after the company reported a 5.6% dip in Q2 consolidated net profit.
The short-term momentum for IndiGo has shifted back into a constructive territory, with the share price reclaiming the key moving averages on the daily chart, says Mayank Jain of PhonePe Invest.
According to the NSE F&O data, FIIs net bought 28,587 contracts of Nifty futures on Tuesday, lowering open interest by 13.3% to 1.87 lakh contracts. Analysts flag short covering.
Nandish Shah of HDFC Securities believes that the Nifty Smallcap 250 index seems favourably placed on charts compared to the Midcap 150 index, and can potentially rally to new highs from here on.
An analysis of RIL's 26-year share price data by SAMCO Securities shows that the stock has recorded an average gain of 55.3% in the next 1-year after rallying over 5% in a single trading session.
Technical analysts believe that the Sensex and Nifty can extend their rally in the near-term, with indices closing above the short-term moving averages, and positive cues from momentum indicators.
Analysts at Choice Broking flag that Crompton Greaves has taken support around its multi-year horizontal support zone of ₹190-₹200, with momentum indicators supporting a potential reversal.
Ajit Mishra says that Nifty's inability to sustain above the 20-DEMA, keeps the near-term outlook cautious. Flags higher-high, higher-low pattern on Bharti Airtel for his positive stance.
Stock market outlook: Jatin Gedia of Teji Mandi expects the pullback in Nifty to continue citing positive cues from the daily and hourly momentum indicators.
Analysts at Motilal Oswal Wealth Management Research Desk are bullish on mid-caps Indian Hotels and Lenskart, and small-caps Symbiotec Pharmalab and Urban Company.
Stocks to buy: MCX has formed a bullish candle, reclaimed the 50-DEMA and started making higher highs, indicating renewed buying interest, explains Chandan Taparia of Motilal Oswal.
Vinay Rajani of HDFC Securities believes that a sustained move above 22,800 could clear the 20-DEMA resistance and open the way for Nifty toward the next resistance at 23,175.
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Sudeep Shah of SBI Securities says that the bias for Adani Total Gas stock is likely to remain weak as long as the stock trades below the ₹560-565 zone.
