What to do with Bajaj Auto, DMart, Manappuram Finance and 3 other stocks? Aamar Deo of Angel One decodes
Most technical and derivatives indicators point towards a consolidation this week, with markets likely to be further driven by quarterly earnings, FII flows, geo-politics, and global market sentiments, Aamar Deo Singh, Senior Vice President-Equity, Commodity & Currency at Angel One said. This analyst spells-out strategy in previous week’s major movers viz. Bajaj Auto, Avenue Supermarts (DMart), Adani Green Energy and three more stocks. Excerpts:
A lackluster beginning after a poor show in the previous week where Nifty ended with weekly declines of 0.44%. What does the chart indicate about its trajectory and what are the important levels for Nifty and Bank Nifty? Markets witnessed choppy trading sessions last week with the benchmark index Bank Nifty saving the day. A sharp rally in ICICI Bank, Axis Bank, SBI and HDFC Bank helped in the benchmark indices recover from the lows of the week with Nifty ending lower with weekly decline of 0.44% whereas Bank Nifty ended the week in the green, up 1.8% WoW.
Most of the technical and derivatives indicators point towards a consolidation this week, with markets likely to be further driven by quarterly earnings, FII flows, geo-politics, and global market sentiments.
Looking at Nifty, it has crucial support around the 24,500-24,600 zone, a consistent breach below this level could trigger the next bout of selling. Whereas on the upside, immediate resistance is seen around the 25,200-25,300 zone.
As far as Bank Nifty is concerned, support is seen around the 51,200-51,300 zone
