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Market volatility persists amid global concerns, but stock-specific opportunities exist. Technical analysis suggests bullish reversals for ICICI Bank, Samvardhana Motherson, and DLF. Focus on potential winners like Just Dial for further upside amid ongoing challenges in various sectors.
Nifty and Sensex soar to new highs in the financial year 2023-24, with retail investors outperforming institutional ones. Rupak De predicts increased trading activity this week due to F&O contracts expiry and shares top stock ideas. De also says if Nifty fails to sustain above 21,950-22,000, the index might enter a consolidation phase.
The Nifty chart for monthly expiry is likely to consolidate within the bands of 21500 and 21700, with support at 21,300. A breakout on either side would confirm a directional move, with a move above 21700 inducing an up move. The negative correlation between Nifty Bank and Nifty IT is expected to continue as HDFC Bank stock selloff has been contained. Rail stocks like IRFC and RVNL continue to gain momentum, making them attractive for trading. Top ideas for the week include buying RITES, BPCL, and OIL stocks.
Sentiment could potentially deteriorate further if Nifty drops below 21,550, where the 21EMA is situated.
As the FII might not return to the market on the very first day of the New Year, the market may remain sideways to slightly negative. “A drop below 21,650 might be the first signal for long unwinding.