Going forward, looking at the technical structure and the sentiments among the market participants, indecisiveness could be sensed as the range is getting narrower over the period.
Sameet Chavan
February 14, 2022 / 07:39 AM IST
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// else // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exists in your watchlist’); // //} } //$ (‘.accdiv’).html(”); //$ (‘.accdiv’).html(appndStr); } }, //complete:function(d){ // if(typparam1==1) // { // watchlist_popup(‘open’); // } //} }); }); } else { var disNam =’stock’; if($ (‘#impact_option’).html()==’STOCKS’) disNam =’stock’; if($ (‘#impact_option’).html()==’MUTUAL FUNDS’) disNam =’mutual fund’; if($ (‘#impact_option’).html()==’COMMODITIES’) disNam =’commodity’; alert(‘Please select at least one ‘+disNam); } } else { AFTERLOGINCALLBACK = ‘overlayPopup(‘+e+’, ‘+t+’, ‘+n+’)’; commonPopRHS(); /*work_div = 1; typparam = t; typparam1 = n; check_login_pop(1)*/ } } function pcSavePort(param,call_pg,dispId) { var adtxt=”; if(readCookie(‘nnmc’)){ if(call_pg == “2”) { pass_sec = 2; } else { pass_sec = 1; } var url = ‘//www.moneycontrol.com/mccode/common/saveWatchlist.php’; $ .ajax({url:url, type:”POST”, //data:{q_f:3,wSec:1,dispid:$ (‘input[name=sc_dispid_port]’).val()}, data:{q_f:3,wSec:pass_sec,dispid:dispId}, dataType:”json”, success:function(d) { //var accStr= ”; //$ .each(d.ac,function(i,v) //{ // accStr+=”+v.nm+”; //}); $ .each(d.data,function(i,v) { if(v.flg == ‘0’) { var modalContent = ‘Scheme added to your portfolio.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //$ (‘#acc_sel_port’).html(accStr); //$ (‘#mcpcp_addportfolio .form_field, .form_btn’).removeClass(‘disabled’); //$ (‘#mcpcp_addportfolio .form_field input, .form_field select, .form_btn input’).attr(‘disabled’, false); // //if(call_pg == “2”) //{ // adtxt =’ Scheme added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //else //{ // adtxt =’ Stock added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //$ (‘#mcpcp_addprof_info’).css(‘background-color’,’#eeffc8′); //$ (‘#mcpcp_addprof_info’).html(adtxt); //$ (‘#mcpcp_addprof_info’).show(); glbbid=v.id; } }); } }); } else { AFTERLOGINCALLBACK = ‘pcSavePort(‘+param+’, ‘+call_pg+’, ‘+dispId+’)’; commonPopRHS(); /*work_div = 1; typparam = t; typparam1 = n; check_login_pop(1)*/ } } function commonPopRHS(e) { /*var t = ($ (window).height() – $ (“#” + e).height()) / 2 + $ (window).scrollTop(); var n = ($ (window).width() – $ (“#” + e).width()) / 2 + $ (window).scrollLeft(); $ (“#” + e).css({ position: “absolute”, top: t, left: n }); $ (“#lightbox_cb,#” + e).fadeIn(300); $ (“#lightbox_cb”).remove(); $ (“body”).append(”); $ (“#lightbox_cb”).css({ filter: “alpha(opacity=80)” }).fadeIn()*/ $ (“#myframe”).attr(‘src’,’https://accounts.moneycontrol.com/mclogin/?d=2′); $ (“#LoginModal”).modal(); } function overlay(n) { document.getElementById(‘back’).style.width = document.body.clientWidth + “px”; document.getElementById(‘back’).style.height = document.body.clientHeight +”px”; document.getElementById(‘back’).style.display = ‘block’; jQuery.fn.center = function () { this.css(“position”,”absolute”); 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Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One
The markets saw an action-packed week ended February 11 with massive whipsaw movements amid mixed global cues. The market started on a weaker note that further aggravated as a broad-based sell-off happened in the initial half of the week.
In the process, the market plunged heavily with the benchmark Nifty50 almost testing the psychological 17,000 mark. However, a sort of recovery was seen in the mid-session, where the bulls managed to defend the crucial support zone of 17,000 amid optimism in selective blue chips and extended rallies towards the 17,650-odd zone. On Friday, the market tumbled from the highs owing to concerns over the US rate hike and corrected to end the week on a negative note.
Till the time, the global uncertainty looms over, we are likely to have challenging scenarios in the market where the volatility is also expected to stay on the higher end. On technical aspects, 17,000 is expected to act as the key demand zone as it is being backed by the supporting trend line.
And till the market is holding the mark, we remain hopeful for a strong resurgence. On the higher end, 17,650 is a crucial supply area and if the market manages to surpass the same in a decisive manner, then we might witness reinforcement in the momentum and could expect Nifty to test the psychological 18,000 mark in the near future.
Until the decisive breakout is not seen, one should expect a rangebound movement and focus on stock-specific action.
Apart from the global cues that might dictate the near-term trend, strong leadership from major sectors could help to gain momentum in the domestic market.
Going forward, looking at the technical structure and the sentiments among the market participants, indecisiveness could be sensed as the range is getting narrower over the period. Meanwhile, we might witness some outbursts in the near term, and hence stock selective approach should be taken in the market for the coming week.
Here are two buy calls for next 2-3 weeks:
Mahindra & Mahindra: Buy | LTP: Rs 853.65 | Stop-Loss: Rs 815 | Target: Rs 910 | Return: 6.6 percent
This stock has seen a significant up move in the last week and was among the outperformers from the auto space. The stock has witnessed a strong resurgence from the 200-day simple moving average (SMA) on the daily chart that has been backed by robust volumes.
With the current setup, the counter looks firmly poised to surge high in the near term. Even the recent price action indicates the possibility of unfolding the next leg of the rally to test the immediate swing high.
We recommend buying this stock for a trading target of Rs 910. The stop-loss can be placed at Rs 815.
BSE: Buy | LTP: Rs 2,271.40 | Stop-Loss: Rs 2,100 | Target: Rs 2,500 | Return: 10 percent
BSE Limited has been in a secular uptrend and is comfortably hovering above all its exponential moving averages on the daily chart. In the previous week, the stock has witnessed a volume-based trendline breakout maintaining its bullish view.
The overall structure construes to remain bullish biased in the counter, and the recent traction indicates the potential to enter the unchartered territory in the near term.
Hence, short-term investors can look to accumulate on minor dips for a near-term target of Rs 2,500. The stop-loss can be placed at Rs 2,100.
Disclaimer: The views and investment tips expressed by investment 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.
