What to do with Zomato, Adani Energy and 4 other stocks? Religare Broking's Ravi Singh decodes
We believe there might be both time and price-wise correction in the days to come. As we have previously seen, DIIs are buying at every dip in the market, so the downside may be limited, said Dr Ravi Singh, Senior Vice President, Retail Research at Religare Broking. This analyst spells-out strategy in previous week’s major movers viz. Zomato, Adani Energy Solutions, Adani Wilmar and three more stocks. Here’s what he recommends:
Edited excerpts:
Bank of Japan’s policy rate hike and weak data in the US seemed to have spooked the market on Friday with Nifty ending with weekly declines. How do you see the markets trading this week and what could be the likely triggers?
Next week, markets could remain volatile due to the Bank of Japan’s rate hike and weak US data. Key triggers will include upcoming US economic reports, which may impact global sentiment, and any additional central bank announcements from major economies. Corporate earnings reports could also influence market movement, either boosting or weighing on sentiment. Additionally, geopolitical developments might create further market fluctuations. Technical indicators and market trends will be important to monitor for short-term movements.
What are important levels for Nifty and Bank Nifty for this week? For Nifty 50, watch key support at 24,600 and 24,350 with resistance around 25,100-25,250. For Bank Nifty, important support levels are 51,000 and 50,500, while resistance is around 51,800 and 52,200. These levels are crucial for determining potential market
