Among the losers, the IT sector was trading with cuts and Nifty PSU Bank was the biggest laggard, down 0.82% from the Monday closing.
Volatility was lower from Monday closing as India VIX was at 12.54, down 0.73%.
“Markets had an unpleasant session on Friday as we witnessed Nifty sliding below 18,100 courtesy to massive sell off in BFSI space led by HDFC twins. Fortunately, global markets witnessed a massive rally on Friday’s night to cheer up the mood across the globe,” Sameet Chavan, Head Research, Technical and Derivatives at Angel One said.
“Taking cues from there, our domestic markets started the week on a positive note and as the day progressed, the momentum kept on accelerating to not only recoup entire losses but also closed at the highest point of the calendar year,” he added.
He further expects the market to continue with their outperformance. “Now, we are back to challenge the sturdy wall of 18,250 – 18,300. Considering the overall momentum, the possibility of a breakout is high and then we can certainly march towards the next cluster of 18,350 – 18,500,” he added.
His advice to traders is to be with the larger trend and continue with a buy on decline strategy as it is turning fruitful in the current market scenario. “On the flipside, 18,100 – 18,000 has become a strong base now,” Chavan said.We have collated stocks from various experts for traders who have a short-term trading horizon:
Expert: Dharmesh Shah, Head Technical at ICICI Securities told ETBureau
Reliance Industries: Buy | Target: Rs 2,560 | Stop Loss: Rs 2,408 | Last Close: Rs 2,471
IDFC First Bank: Buy | Target: Rs 68 | Stop Loss: Rs 61.80 | Last Close: Rs 64.30
United Spirits: Buy | Target: Rs 830 | Stop Loss: Rs 764 | Last Close: Rs 793
Railtel Corporation: Buy | Target:Rs 128 | Stop Loss: Rs 117 | Last Close: Rs 121.50
Expert: Nooresh Merani, an independent technical analyst told ETNow
Axis Bank: Buy | Target Rs 930 | Stop Loss Rs 860
Ambuja Cements: Buy | Target Rs 440 | Stop Loss Rs 390
Container Corporation of India: Buy | Target Rs 700 | Stop Loss Rs 620
Expert: Kunal Bothra, Market Expert told ETNow
Naukri: Buy | Target Rs 4,300 | Stop Loss Rs 3840
Anant Raj : Buy | Target Rs 150 | Stop Loss Rs 136
Rategain Travel Technologies: Buy | Target Rs 424 | Stop Loss Rs 377
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)