Indian market opened on a gap-up note on Thursday tracking positive global cues. The S&P BSE Sensex rose over 400 points while Nifty50 reclaimed 17700 levels in the first 15-minutes of trade.
Sectorally, buying was seen in IT, utilities, power, banks, oil & gas, and finance.
Indian market bounced back but Nifty50 could face some resistance above 17700-17750 levels, suggest experts.
“Indian benchmark indices underperformed the broader indices on Wednesday. We expect current volatility to persist as investors are cautious regarding another 75bps rate hike by the US Fed,” Mohit Nigam, Head – PMS, Hem Securities, said.
“On the technical front, the key resistance level for Nifty50 is 17700 followed by 17750 and on the downside, 17500 level followed by 17400 can act as strong support. Key resistance and support levels for Bank Nifty are 39600 and 39300, respectively,” he said.
We have collated stocks from various experts for traders who have a short-term trading horizon:
Expert: Jayesh Bhanushali, Sr Derivatives & Technical Research Analyst, IIFL told ETBureau
Garware Technical Fibres: Buy| Target Rs 3810| Stop Loss Rs 3550
The stock has given a rounding bottom breakout.
Angel One: Buy| Target Rs 1560| Stop Loss Rs 1430
The stock has given an inverse head and shoulder pattern breakout.
ZEE Entertainment: Buy| Target Rs 273| Stop Loss Rs 254
The stock bounced off from the 50-day EMA and upward rising trendline.
Expert: Kunal Bothra, Market Expert told ETNow
ZEEL: Buy| Target Rs 275| Stop Loss Rs 250
ICICI Bank: Buy| Target Rs 910| Stop Loss Rs 855
Edelweiss: Buy| Target Rs 74| Stop Loss Rs 62
Expert: Nooresh Merani, an independent technical analyst told ETNow
Axis Bank: Buy| Target Rs 780| Stop Loss Rs 745
Bata India: Buy| Target Rs 2200| Stop Loss Rs 1880
BHEL: Buy| Target Rs 70| Stop Loss Rs 60
(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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