Indian market started on a weak note on Monday tracking muted trends seen in other Asian markets. The S&P BSE Sensex fell by more than 300 points while the Nifty50 also slipped by more than a per cent in the first 15-minutes of trade.
Sectorally, selling pressure was seen in metals, realty, banks, IT, auto, and public sector while buying was seen in power and utilities.
Last week’s price action suggests that there is selling pressure near 18,000 levels on the Nifty50 which could slow down bulls. Investors are advised to remain stock specific, suggest experts.
Highest new OI (open interest) addition was seen at 18,000 for Calls and 17,000 for Puts in weekly and at 18,000 for Calls and 17,000 for Puts in monthly contracts.
“A shooting star in weekly, and a bearish engulfing in daily chart hints that the 18100-18200 trajectory has probably come to an end,” Anand James – Chief Market Strategist at
, said.
“Traders will stare at the prospects of 17000 again, for the August expiry, but will fancy slim chances of recovery, should Monday volatility fail to penetrate 17600 and manage to pull back above 17720 which meets the internal trendline. Inability to do so will call for 17300 initially,” he added.
We have collated stocks from various experts for traders who have a short-term trading horizon:
Expert: Chandan , Derivative & Technical Analyst, MOSL told ETBureau
Tata Communications: Buy| Target Rs 1175| Stop Loss Rs 1100
The stock recorded a price volume breakout on the daily frame and is continuously trending upwards for the last nine weeks which is a positive sign for bulls.
L&T: Buy| Target Rs 2020| Stop Loss Rs 1895
The stock is making higher lows in the last eight weeks with follow-up buying after the breakout on the daily frame.
PVR: Sell| Target Rs 1725| Stop Loss Rs 1850
The stock is making lower highs from the last six sessions with an increase in volumes on the short side.
InterGlobe Aviation: Sell| Target Rs 1881| Stop Loss Rs 2015
The stock is turning lower from its resistance zones on the daily frame with price volume breakdown.
Expert: Kunal Bothra, Market Expert told ETNow
L&T: Buy| Target Rs 2000| Stop Loss Rs 1820
Apollo Tyres: Sell| Target Rs 250| Stop Loss Rs 268
RBL Bank: Sell| Target Rs 95| Stop Loss Rs 103
Expert: Nooresh Merani, an independent technical analyst told ETNow
Asian Paints: Sell| Target Rs 3520| Stop Loss Rs 3350
Marico: Buy| Target Rs 540| Stop Loss Rs 508
Emami: Buy| Target Rs 550| Stop Loss Rs 460
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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