The Nifty50 closed 397 points higher at 24,541 on Friday, while the Indian VIX fell over 6% to close at 14.40.
Foreign portfolio investors turned net buyers, acquiring shares worth Rs 766 crore on Friday, while domestic institutional investors (DIIs) bought shares worth Rs 2,606 crore.
On the daily charts, the Nifty has been consolidating around the 24,200-24,150 range, where the 40-day moving average lies.
“A bounce towards the key moving averages 24,250-24,300 should be used as a selling opportunity for the targets of 23,890-23,600. On the upside, 24,300 is the immediate hurdle from a short-term perspective,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas. “The Bank Nifty has been weak and closed the day in the red. The swing low of 49,650 has been retested today and we expect the weakness to continue,” he said. “The immediate support lies at 49,650-49,600 and below that, we can expect a drop towards 49,000-48,850. “On the upside, the immediate resistance lies at 50,250-50,300,” Gedia recommended. We have compiled a list of F&O basket stocks along with spot market from various experts for traders who have a short-term trading horizon:
Expert: Chandan Taparia, derivatives analyst at Motilal Oswal Financial Services Limited, told ETBureau
Ashok Leyland:Buy | Target: Rs 275 | Stop Loss: Rs 245
Coromandel International:Buy | Target: Rs 1,865 | Stop Loss: Rs 1,700
Phase:Buy | Target: Rs 3,150 | Stop Loss: Rs 2,790
F&O Strategy –
MCX Future (Expiry on August 29): Buy | Target: Rs 4,850 | Stop Loss: Rs 4,540
Dixon’s future (Expiry on August 29): Buy | Target: Rs 13,000 | Stop Loss: Rs 12,120
Expert: Nooresh Merani, an independent technical analyst, told ETNow
CCI:Buy | Target: Rs 540 | Stop Loss: Rs 490
Edge Information:Buy | Target Rs 7,800 | Stop Loss: Rs 7,200
AB Capital:Buy | Target: Rs 245 | Stop Loss: Rs 205
(Disclaimer:The recommendations, suggestions, views and opinions of the experts are their own and do not represent the views of the Economic Times.
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