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After four consecutive negative closings last week, the domestic stock market ended on a strong note on Friday as benchmarks gained more than half per cent each. The Nifty50 and the Sensex declined 1.1% and the Sensex dropped 1.3% for the week ended on July 15. On Friday, the benchmark indices closed at 16,049.20 and 53,760.78 respectively.
“The Nifty, in the week gone by, stumbled near multiple technical parameters, which were near 16200. It has been hovering near the level of 16000 for the last few sessions. On the weekly chart, it has formed an Inside bar, which shows loss of momentum,” said Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas.
The near-term support zone for the index is 15850-15900. Once that is breached then the index can slide down towards 15500, he said. From a trading perspective, sell on rise will be the strategy for short term traders with reversal above the swing high of 16275. The expert advised.
Meanwhile, cues from the Asian market remained positive on Monday morning. The SGX Nifty, which hints at the opening trends for the Indian market, was trading higher by more than 150 points on the Singaporean exchange on Monday morning.
Other major Asian indices were also seen putting up a strong opening as Japanese Nikkei was trading higher by more than half per cent, Hang Seng Index at the Hong Kong Exchange rose over one per cent and Chinese Shanghai Composite gained 0.9% in the early trade on Monday.
Earlier, the US market ended strong on Friday. Dow Jones closed higher by 2.15%, Nasdaq index rose 1.79% and S&P 500 ended with 1.92% gains.
Meanwhile, irrespective of market conditions, Zee Business brings you a list of 20 stocks for profitable trade on a daily basis. These stocks are picked from cash, techno and F&O space with short-to-long-term time horizon. It also includes intraday calls. The list is made in such a way that it helps investors make profit on their capital in a stipulated period of time. Below is the list of such stocks on Monday.
Ashish Chaturvedi Stock Picks
CASH KA STOCK
BUY ASTER-DM TARGET 222 SL 205
FUTURES
SELL TECH MAH FUT TARGET 923 SL 955
OPTIONS
BUY SHRIRAM TRANSPORT 1320 CE TARGET 38 SL 21
TECHNO
BUY TATA MOTORS TARGET 460 SL 426
FUNDA
BUY SAFARI IND TARGET 1200 SL 1000
INVEST STOCK
BUY ABBOTT INDIA TARGET 24000 DURATION 9-12 MONTHS
STOCK IN NEWS
BUY MAHARASHTRA SEAMLESS TARGET 690 SL 660
MY CHOICE
BUY CUMMINS INDIA TARGET 1050 SL 1000
BUY WHIRLPOOL TARGET 1750 SL 1680
BUY GNFC TARGET 650 SL 620
MY BEST
BUY TATA MOTORS TARGET 460 SL 426
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Kushal Gupta Stock Picks
Cash
Quickheal Tech – Buy – 172, sl – 164
FTR
Axis Bank FUT – Sell – 650, sl – 673
OPTN
Interglobe Aviation 1780 CE@56 – Buy – 76, SL – 46
Techno
Mphasis – Buy – 2200, sl – 2120
Funda
Oberoi Realty – Buy – 1000, Duration – 1 year
Invest
M&M – Buy – 1400, Duration – 1 year
News
Elecon Engineering – Buy – 320, sl – 305
Mychoice
Godrej Properties – Buy – 1383, sl – 1330
SBI FUT – Sell – 462, sl – 483
KNR Constructions – Buy – 258, sl – 246
Best Pick
M&M – Buy – 1400, Duration – 1 year
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