Nifty weak, but sharp fall unlikely: Technical Analysts
market, but the Nifty may not fall sharply in the absence of major market-moving events. Stocks like Infosys, HCL Technologies, Bank of Baroda, Axis Bank, Federal Bank, Mphasis, LTI Mindtree, M&M, Tata Motors, Sobha, Syngene, and JB Chemicals have formed bullish patterns on the charts, they added.
NAGARAJ SHETTI TECHNICAL RESEARCH ANALYST, HDFC SECURITIES
Where is the Nifty headed this week? A small negative candle was formed on daily chart, which indicates more consolidation in Nifty. On weekly chart, it formed a reasonable negative candle with long upper and lower shadows. The underlying trend is choppy with a weak bias. There is possibility of more consolidation or minor weakness towards the key supports of 23,900-23,800. One may expect emergence of buying again from near the supports.
What should an investor do? Avoid going aggressively long. It is advised to look for buying on dips around the Nifty support of 23,900-23,800 levels, from where one may expect a sizable upside bounce. Place a stop loss at 23,700. Sectors for buy-on dips are PSU banks, IT, auto, realty, oil & gas and PSE. Stocks to look for buy on dips are Bank of Baroda, Axis Bank, Federal Bank, Mphasis, LTI Mindtree, M&M, Tata Motors, Sobha and Oil India.
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