For the index to move higher now, a close above 16,000 is required, say experts. Though multiple attempts to breach the 16,000-mark have failed, what bodes well for the market is that there has not been any brutal correction so far, they say.
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The Nifty50 closed below its crucial support, at the 15,700-15,800 levels, and it slipped below the crucial short-term moving averages, such as the 5,10 and 20-Day Moving Averages for the week ended July 9.
The Nifty50 closed in the red for the second consecutive week. This suggests that the index is facing selling pressure at higher levels — around 15,900-16,000.
For the index to move higher now, a close above 16,000 is required for the bulls to push it towards the 16,100 levels, suggest experts who place the support at the 15,450-15,500 levels.
We have seen multiple attempts to reach the milestone of 16,000 in the last month, but markets are clearly struggling at higher levels.
“When the market fails to surpass a specific level after multiple attempts, it is considered as an ominous sign. But, fortunately, there has not been any brutal correction so far, which bodes well for the bulls,” Sameet Chavan, Chief Analyst, Technical & Derivatives, Angel Broking, said.
“After last two days’ price action, our confidence in predicting the Nifty towards 16,000 or beyond in the ongoing leg has certainly shaken a bit. We would still remain hopeful as long as the Nifty holds a strong support zone of 15,600 –15,450,” he said.
If these levels are violated. one should get prepared for a decent short-term correction. Until then, it is better to trade with a positive bias. Traders are advised to remain light and stick to a stock-centric approach by following strict stop-losses.
We spoke to various experts and here are their recommendations for the next 3-4 weeks:
Expert: Sacchitanand Uttekar, DVP – Technical (Equity), Tradebulls Securities
L&T: Buy up to Rs 1470| LTP: 1499| Stop Loss: Rs 1420| Target: Rs 1640| Upside 9%
Prices are trending close to their lower bound of the ongoing rising channel formation on the daily scale. Most of the trend strength indicators have flattened out, ruling out any further corrective action.
With the upper end of the channel placed around Rs 1,640, the setup provides a healthy reward-to-risk opportunity for folio longs as well. Trading longs could be maintained with a stop-loss below Rs 1,420.
Lupin: Buy above Rs 1165| LTP: Rs 1147| Stop Loss: Rs 1140| Target: Rs 1240| Upside 8%
Lupin is expected to continue its secular upmove. The recent pullback seems arrested around the 20-week EMA zone as the stock witnessed multiple reversal candlestick formations on its subsequent daily scale around the support zone.
A sustained close above Rs 1,165 hereon would confirm the triple bottom formation on its daily scale, which can lead to a strong rally towards Rs 1,240.
Schneider Electric: Buy| LTP: Rs 128| Stop Loss: Rs 120| Target: Rs 165| Upside 28%
Schneider witnessed a breakout from a rounding bottom formation on May 25, 2021, near the Rs 120 level. Post breakout, the stock witnessed a quick rally towards Rs 141.
The recent pullback and rebound from its breakout zone provide yet another opportunity for fresh longs.
The rounding bottom pattern indicates a price target up to Rs 165, which could be hit in six weeks from now as per the pattern’s time characteristics.
Tinplate: Buy| LTP: Rs 223| Stop Loss: Rs 205| Target: Rs 265| Upside 18%
Positive sector outlook and breakout from a fresh bullish pennant formation is seen on its weekly scale. Its daily ADX has jumped to 29 last week, with its price trending well above its 5 WEMA zone around Rs 218.
Expert: Mehul Kothari, AVP – Technical Research at AnandRathi
DLF: Buy| LTP: Rs 300| Stop Loss: Rs 290| Target: Rs 320| Upside: 6%
The Nifty Realty index is on the verge of a major breakout and DLF is one of the heavyweights in the index. The stock is in an uptrend and has confirmed a range breakout in hourly charts. Even the momentum oscillators are positively placed.
Traders can go long in the stock at the current market price, with a stop-loss of Rs 290 for an upside target of Rs 320.
Oberoi Realty: Buy| LTP: Rs 670| Stop Loss: Rs 635| Target: Rs 740| Upside: 10%
A few weeks back, Oberoi Realty confirmed a multi-year breakout. The price action was accompanied with exceptional volumes and it resembles an inverse Head & Shoulder pattern. After retesting the neckline, the stock is now again on the verge of a fresh breakout.
The theoretical target for the pattern comes around Rs 900. Since the pattern is intact, we maintain our bullish stance on the stock. Traders can go long in the stock in the range of Rs 675 – 665, with a stop-loss of Rs 635, for a target of Rs 740.
SpiceJet: Buy| LTP: Rs 80.7| Stop Loss: Rs 77| Target: Rs 88| Upside: 9%
For the last many weeks, SpiceJet is stuck in a small range of Rs 77-83. It is now trading near the upper band of this range. During the process, it has managed to sustain above its 200 DEMA and 200 SMA levels, which indicate strength.
We expect faster momentum on the higher side, once it clears the Rs 83-mark. Traders can go long in the stock at the CMP, with a stop-loss of Rs 77 for an upside target of Rs 88.
Expert: Anu Jain, Head-Equity Broking, IIFL Wealth
Torrent Pharma: Buy| LTP: Rs 3005| Target: Rs 3250| Stop Loss: Rs 2910| Upside 8%
The stock has been attempting to move above the August 2020 peak at the Rs 2,990 levels. On the upside, the current rally can extend towards the Rs 3,250 levels, with the immediate support near Rs 2,910.
Tata Steel Ltd: Buy| LTP: Rs 1239| Target: Rs 1330| Stop Loss: Rs 1220| Upside 7%
The stock has been in an uptrend, and, post a sideways consolidation, it is showing signs of momentum. In the range of Rs 1,220-1,240, one can initiate longs for a potential target at the Rs 1,330 levels.
CESC: Buy| LTP: Rs 794| Target: Rs 860| Stop Loss: Rs 765| Upside 8%
The Daily & Weekly RSI has made a bullish range shift above the Rs 60 levels. Based on Fibonacci extensions, we expect the current rally to extend to the Rs 860 levels with immediate support at Rs 765.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
