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
Following a sharp reversal at the end of the April series, the BSE Sensex and Nifty 50 took a breather near to their respective the 200-day moving average (DMA) before offering the next leg of upside
The foreign brokerage firm expects Nifty to drop to 16,000 levels as they foresee global slowdown, volatile commodities, peak urban demand/slow rural revival as some of the risks for earnings.
Indigo shares may hit a new historic peak once it settles over Rs 2,200 level.
Adani Enterprise , in particular, could see a rally of up to 11 per cent in coming sessions
CLOSING BELL: Healthy buying in heavyweights like Reliance Industries, L&T, ITC, Kotak Bank, SBI, Bharti Airtel, TCS, and HDFC Bank lifted benchmarks on Friday
The Smallcap index seems poised to hit the 10,000-mark.
According to Ravi Nathani, an independent technical analyst, one can adopt a 'Buy on Dip' strategy in Nifty Energy, Commodities and MNC indices.
Nandish Shah, Sr. derivatives & technical research analyst, recommends to Buy LARSEN 2300 Call option and simultaneously Sell 2400 Call of the May series.
The S&P BSE Small-cap and Midcap indices have surged around 6 per cent and 4 per cent, respectively, as against a 2 per cent gain on S&P BSE Sensex so far in FY24.
Despite benchmark indices witnessing corrective phases in recent months, GAIL (India) and Power Grid Corporation of India, in particular, have been entering uncharted territories effortlessly.
The PCR for Nifty and Bank Nifty for the April series is above 1, suggesting presence of strong Put writes for both derivatives.
According to Ravi Nathani, an independent technical analyst, one should look to book profits in Nifty Realty either at current levels or on rally.
CLOSING BELL: There were 21 gainers of the 30-pack index, and 33 on the 50-pack index, led by Power Grid, Nestle India, Tata Consumer Products, IndusInd Bank, L&T, HCL Tech, Tata Motors, SBI Life, HUL
Railway related stocks are poised for next leg of upside, shows techncial charts
On the broader market outlook, Vinay Rajani the technical & derivative analyst expects the Nifty to move in the 17,842-176,84 range in the near term.
According to Ravi Nathani, an independent technical analyst, the Auto index seems trapped in the 12,950 - 12,830 range. Whereas, the FMCG index is expected to face stiff resistance around 47,200.
Rising interest rates, firm crude oil prices and geopolitical concerns, they believe, will keep the sentiment back home in check.
According to Ravi Nathani, an independent technical analyst, the Nifty Private Bank index can also be sold at current levels, with 21,250 seen as a crucial support for the index.
Except for Hindustan Zinc, which hit a new historic peak in the Q4, others have remained laggards.