The crude oil remains under pressure and since it has sneaked below $ 80 mark, all sensitive pockets came back into action. Tyre being the beneficial space from the crude oil drop, all counters just took off in last couple of trading sessions.
Sameet Chavan
January 09, 2023 / 06:21 AM IST
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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 postfolio_url = ‘https://www.moneycontrol.com/portfolio_new/add_stocks_multi.php?id=’+dispId; window.open(postfolio_url, ‘_blank’); } 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()*/ $ (“.linkSignUp”).click(); } 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”); var topPos = ($ (window).height() – this.height() ) / 2; this.css(“top”, -topPos).show().animate({‘top’:topPos},300); this.css(“left”, ( $ (window).width() – this.width() ) / 2); return this; } setTimeout(function(){$ (‘#backInner’+n).center()},100); } function closeoverlay(n){ document.getElementById(‘back’).style.display = ‘none’; document.getElementById(‘backInner’+n).style.display = ‘none’; } stk_str=”; stk.forEach(function (stkData,index){ if(index==0){ stk_str+=stkData.stockId.trim(); }else{ stk_str+=’,’+stkData.stockId.trim(); } }); $ .get(‘//www.moneycontrol.com/techmvc/mc_apis/stock_details/?sc_id=’+stk_str, function(data) { stk.forEach(function (stkData,index){ $ (‘#stock-name-‘+stkData.stockId.trim()+’-‘+article_id).text(data[stkData.stockId.trim()][‘nse’][‘shortname’]); }); }); function redirectToTradeOpenDematAccountOnline(){ if (stock_isinid && stock_tradeType) { window.open(`https://www.moneycontrol.com/open-demat-account-online?classic=true&script_id=$ {stock_isinid}&ex=$ {stock_tradeType}&site=web&asset_class=stock&utm_source=moneycontrol&utm_medium=articlepage&utm_campaign=tradenow&utm_content=webbutton`, ‘_blank’); } }
The start was promising but the end was certainly disappointing for the opening week of the calendar year 2023. Benchmark index Nifty gave up all previous week’s gains and closed around the lower end of the recent trading range. Now, taking a glance at daily time frame chart, undoubtedly the price structure looks a bit weak and in fact, the price decline in last two sessions has certainly caught us on the wrong foot as we were not expecting Nifty to slide below 18,000 mark.
Nevertheless, previous week’s low of 17,750 would now be seen as a crucial pivotal point for our market. As of now, we are still a bit hopeful of recovery; but in case, if Nifty slides and sustains below 17,750, we must prepare for extension of this corrective move towards 17,600 – 17,450 in coming week.
On the flipside, in order to regain the strength, Nifty must reclaim 18,000 first on a closing basis. The major trend deciding level remains at 18,300, which would turn the tide once again in favour of bulls.
Traders are advised to keep a close tab on all these above-mentioned scenarios. The only positive takeaway at the end of the week would be the resilience of the broader market.
Unlike last-to-last week’s decline, this time, the Nifty Midcap50 index remained firm and did not participate in this week’s hammering. In case of recovery, the broader end of the spectrum would outperform heavyweights and we would probably then witness a beginning of the pre-budget rally.
Also, with result season kicking in on Monday, all focus would first be on major IT heavyweights, which would dictate the near-term direction for this underperforming space.
Here are two buy calls for short term:
Ceat: Buy | LTP: Rs 1,740.50 | Stop-Loss: Rs 1,702 | Target: Rs 1,810 | Return: 4 percent
The crude oil remains under pressure and since it has sneaked below $ 80 mark, all sensitive pockets came back into action. Tyre being the beneficial space from the crude oil drop, all counters just took off in last couple of trading sessions.
We like ‘Ceat’ at this moment as stock prices confirmed a small breakout after cementing its position around the daily ‘89-EMA’ (exponential moving average) for nearly 2-3 weeks.
If we look at the volume activity, it has risen substantially, providing credence to the up move. We recommend buying for trading target of Rs 1,810. The stop-loss can be placed at Rs 1,702.
United Spirits: Buy | LTP: Rs 856.5 | Stop-Loss: Rs 838 | Target: Rs 892 | Return: 4 percent
The stock has corrected gradually in last month and a half from recent highs around Rs 950. In this process, we can see prices now approaching the sacrosanct support zone of ‘200-day SMA’ (simple moving average) placed around Rs 840. This has played a sheet anchor previously and during the week also, stock prices rebounded precisely from the same point.
Looking at the broader time frame charts, we expect the stock to recover in next few days. We advise buying for a near term target of Rs 892. The stop-loss can be placed at Rs 838.
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.
