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.
Stocks to buy today: The 22,200-22,400 zone is the next key support area, while the 23,000-23,300 zone is likely to cap the upside during any recovery.
Ajit Mishra of Religare Broking has reiterated a cautious stance on Nifty, with 22,850, coinciding with the 20-DEMA, acting as the immediate hurdle. He has recommended HAL, IndiGo and BHEL for trade.
Nifty fell 0.76 per cent as RBI's rate hike, higher inflation outlook and global macro risks weighed on sentiment.
Going ahead, crude oil prices, food inflation, the rupee and global monetary conditions will be the key variables to watch.
Ajit Mishra reckons that the near-term structure of the market remains weak. The analyst sees strength in Engineers India, and weakness in ONGC on charts.
Stocks to buy today: The overall setup remains constructive, and MCX appears poised for the next leg of up move and potential new highs, says Ajit Mishra of Religare Broking.
Nifty's recovery above the 23,200 level provides some near-term relief; however, the broader structure remains weak.
Stock ideas for today: The index could now move towards the next support zone of 23,300-23,100, while any recovery is likely to face resistance around 23,600-23,800.
Religare Broking's Ajit Mishra said that the sharp decline has pushed Nifty closer to our initial downside target and support of 23,800. A break below this could extend the correction towards 23,600.
Given the prevailing combination of elevated crude prices, geopolitical uncertainty and weak market momentum, we recommend maintaining a cautious, stock-specific approach.
Ajit Mishra of Religare Broking said that 24,000-24,200 zone has emerged as the next major support for Nifty. He also said that Indian Bank, PB Fintech and Shriram Finance are showing a bullish setup.
Ajit Mishra of Religare Broking recommends Ashok Leyland, CG Power, and Nalco as top stock picks, noting that short-term momentum has strengthened.
Technically, the Nifty has reclaimed the immediate resistance zone formed by the 20-day and 100-day DEMA, indicating an improvement in the near-term technical setup.
Ajit Mishra, SVP - research, Religare Broking has recommned buying the shares of Marico, Hindustan Aeronautics, JSW Energy today
On the overall market set-up, Ajit Mishra, SVP - Research at Religare Broking reckons to maintain a 'Buy-on-dips' approach, with a preference for relatively stronger stocks across sectors.
Ajit Mishra of Religare Broking says that Ather Energy and Sun Pharma have a given a upside breakout after a period of consolidation, while ITC seems to be losing momentum on charts.
Weekly market outlook by Ajit Mishra: The analyst from Religare Broking says Nifty remains in consolidate mode; among stocks he recommends buying DLF, L&T Finance and Paytm this week.
Market outlook by Ajit Mishra: The analyst from Religare Broking expects Nifty to consolidate in the near-term; among stocks he recommends Delhivery, Ather Energy and Aurobindo Pharma.
Stocks ideas by Ajit Mishra: The analyst from Religare Broking is bullish on Hindustan Aeronautics, Bharat Forge and Union Bank of India.