Tata Power among 3 stock ideas for next week: Kunal Shah

economictimes.indiatimes.com:

Tata Power, LIC Housing Finance and NCC are 3 stock ideas from Kunal Shah, Senior Technical & Derivatives Analyst at LKP Securities. Keeping a watchful eye on price action and employing appropriate risk management strategies is essential to navigate through such periods of uncertainty in the market, he said.

Edited excerpts from an interview:As the 20,000 mark remains elusive, how big is the resistance at 19,800-mark for Nifty?The index experienced a sharp correction from higher levels, and the resistance at 19800 is acting as a significant barrier for the bulls. However, the bulls are attempting to defend the index from lower levels and prevent further downside.

If the index breaks below the support level of 19550, it may indicate further correction towards the 19400 levels, suggesting continued bearish sentiment in the market.The current trading range for the index is between 19550 and 19800. A break on either side of this range will likely lead to trending moves in the market.

Traders should closely monitor the index's price action and be prepared for potential trading opportunities based on the breakout direction.What should be the trading strategy in the new August series given FIIs have decreased their longs in the July series? The current undertone for the market is neutral, indicating that there is no clear bullish or bearish bias. Traders who are holding long positions should consider setting a stop loss at 19550 to protect their investments in case the market experiences a downside move.The market is likely to enter a consolidation phase for a few days, during which it might trade within a range.

This consolidation presents trading opportunities for both long and short positions. Traders can consider buying