Nifty May poll vault above 23,110 life-high
AJIT MISHRA SVP-RESEARCH, RELIGARE BROKING
Where is Nifty headed this week? Nifty faced pressure after two weeks of gains, losing nearly 2% amid mixed signals. Currently, Nifty is trading at the lower band of a rising channel around the 22,400 level, and a decisive break here could lead to a further decline, potentially retesting the 21,800-22,000 support zone. In case of a recovery, the 22,900- 23,400 zone would be challenging to surpass.
What should investors do? With the election results in focus, we expect continued high volatility. The sector outlook is mixed, with fresh declines in the IT and FMCG sectors reducing hopes for support. Although broader indices remain near their record highs, market breadth has deteriorated, indicating selective participation. In this scenario, we recommend closely monitoring leveraged positions and waiting for more clarity. For short-term trades, traders can consider bullish bets in Bajaj Auto, Britannia, Coal India, Coromandel, Gujarat Gas, HDFC Bank, Torrent Pharma. Bearish on Apollo Tyres, Bajaj Finance, Berger Paints, PVR Inox, Titan, and UPL.
PRITESH MEHTA EXECUTIVE VICE PRESIDENT, YES SECURITIES
Where is Nifty headed this week? With election buzz around, India VIX is reasonably high. This will lead to gapping actions and whipsaw moves. The broader trading range is seen between 23,000 (multiple peaks around the same) and 21,800 (three-digit Gann number) for the coming week. A break beyond this range and follow-through action is imperative for trend determination.
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