The Nifty Auto index can rally towards the 12,500-mark on a breakout above 11,900-level; base support seen around the 11,000-mark.
40 per cent correction in Godrej Property should see a smart 11 per cent jump now, technical charts suggest
The technical analyst expects the overall trend for the market to remain choppy, with the NSE Nifty likely to face resistance around 17,639 and 17,794.
In the past one month, the BSE Sensex and the NSE Nifty, shed over 6 per cent each, while crude oil prices soared to an eight-year high at almost $96 a barrel, up nearly 12 per cent.
The NSE IT index has been moving in a tight range, a breakout in either direcion can trigger a 2,000 points movement.
Paytm has dropped 40 per cent on a YTD basis, and Zomato seems to be revisiting its IPO issue price amid market sell-off
FIIs have been on a selling spree across most EMs, including India where they have sold over $11 billion worth of equities since October 2021 when they started to unwind their position here
The Nifty index is now below its 200-DMA level and is near the support zone of 16,800. Severe corrections may happen if it slips below this level
The mid-and small-cap indices on the BSE were down over 1 per cent each as against a similar per cent gain on the S&P BSE Sensex so far this year.
Adani group stocks have been in limelight post the stupendous listing of Adani Wilmar four days ago.
Dish Tv too has bounced back from its major support level and can gain up to 8 per cent. Nazara Technologies, however, looks weak.
The RBI left key rates - repo and reverse repo unmoved at 4 per cent and 3.35 per cent, respectively.
The Federal Bank stock is attempting a breakout on the upside by crossing Rs 103 level, the Relative Strength Index (RSI) has formed a positive crossover indicating a bullish strength.
Ambuja Cements, The Ramco Cements look weak on charts, while UltraTech Cement seems the best bet in the sector.
If the oil prices rise up to $105 - $110 per barrel, a 10 per cent fall in the Sensex and Nifty is possible, say analysts
Shares of Bank of Baroda can jump 15% as it claimed a new 52-week high
The Nifty Metal index can clock a new high, if it manages to cross and sustain above the 6,000-mark.
Infosys continues to defend the support from past four months; TCS shares have three supportive technical parameters that attract buying and accumulation.
These brokerages houses are bullish on banks and capital goods.
Stocks like Godrej Property can surge 15 per cent, where as Navin Fluoro can easily jump another 10 per cent provided it consecutively closes above Rs 4250