In terms of sectors, buying is seen in electricity, utilities, capital goods and the public sector while some sell-offs are seen in IT names.
According to experts, momentum is still strong and investors can look to buy the index when it falls, although it is trading near overbought levels.
“Despite Nifty’s pause on Tuesday at 17,835, we don’t believe Nifty has come out on top. This encourages us to continue to pursue the 18,200 view, but with the VIX slipping, the trading range is really narrowing,” said Anand James, Chief Market Strategist at.
“The downside markers could continue to hold near 17,660-17,690, with 17,900 neighborhoods likely to pose a challenge for the day,” he said.
We have collated stocks from different experts for traders with short-term bias:
Expert: Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan told ETBureau
ICICI Lombard: Buy | Target 1350-1390 Rs | Stop Loss 1250 Rs
The stock has broken out of the downtrend line. The daily momentum indicator has started a new cycle in the bullish direction, which is a positive sign for the bulls.
IEX: Buy | Target 178-185 Rs | Stop Loss Rs 166
The stock has broken out of a triangle on the hourly chart. The bullish breakout is being accompanied by volume, which is a positive sign for the bulls.
Outside industries: Buy | Target 170-176 Rs | Stop Loss Rs 15 159
The stock is rising along with an uptrend line. It broke out of the inside bar pattern on the daily chart.
Expert: Kunal Bothra, Market Specialist to ETNow
BPCL: Buy | Target 360 Rs | Stop Loss Rs 3 337
RIL: Buy | Target Rs 2700 | Stop Loss Rs 2 2600
Expert: Nooresh Merani, independent technical analyst told ETNow
United Spirits: Buy | Target Rs 870 | Stop Loss Rs 7 795
Bandhan Bank: Buy | Target 320 Rs | Stop Loss 273 Rs
Tata Power: Buy | Target 260 Rs | Stop Loss 232 Rs
(Disclaimer: The recommendations, suggestions, views and opinions expressed by experts are their own. They do not represent the views of The Economic Times)
