Nifty Bank index may rise up to 2.25% once hits a new historic peak, shows technical charts
Among banking majors, Axis Bank, ICICI Bank, HDFC Bank and State Bank of India (SBI) appear on track to hit new all-time high in the weeks ahead, charts suggest
Wipro has approved a Rs 12,000 crore share buyback at Rs 445 per share. Currently, the stock trades at a 16 per cent discount to the buyback price.
Nandish Shah, Sr. derivatives & technical research analyst of HDFC Securities, recommends to Buy Bank Nifty 43,800 Call option and simultaneously Sell 44,300 Call of the May series.
According to Ravi Nathani, an independent technical analyst, the Nifty Energy index can dip towards the 23,000 level, while Commodities index could test 5,605 on the downside.
Technically, State Bank of India's shares are well placed above the breakout mark of Rs 565 from a short-term to medium-term perspective.
Major stocks in fertlizer sector continue to trade with bullish bias, as their chart structures denote feasible upside.
The weekly options data suggests that the Nifty may see limited upside on Thursday with resistance likely around 18,250 - 18,275 range.
Meanwhile, charts suggest that Nifty Realty and Media indices are experiencing a phase of consolidation says Ravi Nathani, an independent technical analyst.
Coal India, Hindustan Aeronautics and GAIL (India) have chart structures suggesting further upside of up to 20%
The broader trend for the shares of Vodafone Idea continues to remain negative
On the broader market outlook, Vinay Rajani the technical & derivative analyst says that the key support for Nifty stands at 18,200.
According to Ravi Nathani, an independent technical analyst, in case the Nifty Metal index closes below 5,625 it could weaken further.
When Nifty Realty index hits a new 52-week high, the next positive rally shall aim at setting a new all-time high
According to Ravi Nathani, an independent technical analyst, the charts are indicating a likely range-bound trade on the Nifty PSU Bank index.
Barring Adani Transmission, Adani Green Energy and Adani Total Gas appears for a smart reversal on the charts unless key supports are breached
According to Ravi Nathani, an independent technical analyst, one can look to 'Book Profits on rise' as the Nifty 50 index is expected to face resistance in the 18,450 - 18,500 range.
Unless major resistances are crossed, both the HDFC and Bajaj twins are likely to face selling pressure on up moves
Nifty 12-month forward PE is around 23 per cent below peak. Indian equities should find support from robust earnings outlook owing to strength in the domestic economy.
The FMCG index has risen 10 per cent since the start of the current year, with ITC, Nestle India, Radico Khaitan, and Varun Beverages zoomed 31 per cent, 12 per cent, 11 per cent and 10 per cent each