Technical charts suggest that Bank Nifty may exhibit range-bound trade in the near-term; Auto index may ride to new highs, while Realty index could see sharp swings in the coming months.
Kunal Kamble, senior technical research analyst at Bonanza, has recommended buying shares of Syrma SGS Technology, Deepak Fertilisers, and Apollo Tyres today
Looking ahead, a temporary breather cannot be ruled out, with immediate support placed around 24,900-25,000
NTPC, Amber Enterprises, and Tata Consumer are the top picks of Ruchit Jain, head of equity technical research, wealth management, Motilal Oswal Financial Services
The NSE Nifty 50 index has declined 1.5 per cent from its recent high; technical charts suggest the index is likely to remain in buy on dip mode as long as it manages to close above 24,975 levels.
Chandan Taparia, head of derivatives & technicals, wealth management at Motilal Oswal Financial Services, has recommended buying shares of SBI, Tata Steel, and Samvardhana Motherson
Shrikant Chouhan, Head of Equity Research at Kotak Securities, has recommended buying shares of ICICI Bank and Zomato (formerly Eternal) today
Sammaan Capital has shown impressive strength since the beginning of September and, in the latest week, has confirmed a bullish reversal breakout from an Inverse Head and Shoulders pattern
Voda Idea is seen trading consistently above the 200-DMA after a gap of more than 1 year; a weekly close above ₹8.26 shall further strengthen the stock, suggest technical charts.
Data shows that as of date 36 out of Nifty 50 shares, and 314 out of Nifty 500 stocks were trading above the long-term 200-Day Moving Average.
Penny stocks such as Reliance Home Finance, Aksh Optifibre, Steel Exchange India and 2 others, trading below ₹10 per share, seem to be favourably placed on the charts.
Technical charts suggests that steel stocks are favourably placed on the charts, and could see a multi-month rally with a potential upside up to 24 per cent from here.
Technical chart indicates that the short-term bias for the Nifty is likely to remain tepid as long as the index quotes below 25,065 levels.
Technical charts suggest that Reliance group stocks such as Jio Financial Services, Network18, Just Dial, Alok Industries and Den Networks can crack up to 21 per cent from here.
Reliance Industries stock needs to break and trade consistently above ₹1,441 levels for further gains to emerge, suggests technical chart.
Short term trend is positive as it is placed above its 5, 11 and 20 day EMA Stock price has broken out on the weekly chart with higher volumes
Technical charts suggest that the Nifty needs to overcome the hurdle at 25,120 levels for the short-term bias to turn favourable; detailed analysis below
Paytm stock was in focus on Tuesday amid reports of Chinese investor Ant group likely to exit its entire stake via block deal. Tech charts show Paytm looks favourably placed for now.
Market Technical outlook: Sensex, Nifty may witness some bounce back as benchmark quote in oversold zone; chart shows major hurdles at 81,900 and 25,325 levels for these indices.
Technical charts show that the Nifty IT index could decline another 11% from here; while the Pharma index could rally up to 8.5% if it clears the near-term hurdle at 22,815 levels.