Hitesh Rathi of Angel One advocates adopting a strategy where dips in Nifty could be bought into, while rallies towards key resistance zones can be utilised to consider short positions.
Pabitro Mukherjee of Bajaj Broking says that the Nifty is showing signs of a pullback after forming higher highs and higher lows on Thursday, and adds that the key hurdle stands at 23,600 levels.
Black Box and Adani Ports present attractive technical buying opportunities, while the Nifty remains weak but could see a short-term bounce from key support levels.
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.
Stocks to buy today: EMIL and Ingersoll Rand among top stock picks by Vinay Rajani of HDFC Securities.
Technical analysts flag presence of multiple hurdles in the 24,000-24,200 region for the Nifty; on the downside, they expect immediate support at 23,800.
On average, Nifty's monthly trading band expanded to nearly 6%, and up to 12% in the following four months after a range contraction, according to NSE's 3-year monthly data.
Given the prevailing combination of elevated crude prices, geopolitical uncertainty and weak market momentum, we recommend maintaining a cautious, stock-specific approach.
Stocks to buy today: HAL, Samvardhana Motherson and Sona BLW among three stock recommendations by MOFSL's Chandan Taparia.
Stocks to buy today: Vinay Rajani, CMT, senior technical analyst at HDFC Securities, recommends buying GRSE and Tata Capital.
Investors should closely monitor domestic and global developments that could act as key catalysts in shaping the intermediate trend and accordingly adjust their strategies as market conditions evolve.
Technical analysts reckon that the Nifty needs to break above 24,500 to regain positive momentum.
Technical analysts flag that Nifty ranged between 23,600-24,600 after the initial rally in FY27; however, select momentum indicators show improvement for the BSE, NSE benchmark indices on charts.
Only a breach below 24,000 will weaken the structure; otherwise, intraday dips toward the support zone of 24,150-24,180 should be used as a buying opportunity, said Jatin Gedia.
The broader trend remains choppy, with Nifty trading below its 20-day and 100-day EMAs and placed above 50 DEMA.
Nifty 50 index needs to hold above 24,000 for an up move towards the 24,200 and 24,300 zones, while support can be seen at 23,900 then 23,800 zones.
On the broader market outlook, Ajit Mishra, SVP-Research of Religare Broking says the Nifty remains in consolidation mode, with key support at 23,600. On the upside, bullish pivot stands at 24,600.
From a technical perspective, the Nifty 50 witnessed a decisive breakdown, with persistent selling pressure throughout the week dragging the index toward a critical support zone, said Osho Krishnan.
The tug-of-war between the bulls and bears continue as the market lacks direction, suggests the ADX index, which needs to cross the 25-mark for a directional move, says Ajit Mishra of Religare Broking
Vinay Rajani of HDFC Securities has said that Nifty faces immediate resistance at 24,530, while 24,000 remains a key support. For trading, he has recommended buying L&T Finance and HAL stocks today.