The Nifty is headed towards its all-time high of 11,760 with an immediate support at 11,550, according to technical analysts. They suggest buying TVS MotorNSE -0.13 %, Ashok LeylandNSE 3.05 %, M&M, Sun PharmaNSE 0.72 % and LupinNSE 2.03 % for 15-20 per cent returns in the short term.
Where are We? Nifty closed the month of March on a positive note at 11,624 with strong gains of nearly 8 per cent on a monthly basis and formed a strong bullish candle on monthly chart ..
What is in Store? On the daily chart, the index has given a bullish flag breakout, suggesting some more upside in the near term. On derivative front, we witnessed strong rollovers which indicate participants carried their longs to the April series, which is again a bullish sign. Highest OI (open interest) concentration is at 12000 CE and 11500-11000 PE, suggesting that the ongoing momentum can take the index towards the 12,000 mark.
What could Investors Do? The current chart structure looks actively positive and investors can use the buy-on-dip strategy. Also, we suggest keeping more of sector and stock specific approach while investing. Technically speaking, good accumulation is seen in the auto space and Nifty Pharma has moved out of its three-month range, so we recommend using the buy-on-dip strategy in both the sector with stocks like TVS Motor, Ashok Leyland, M&M, Sun Pharma, WockhardtNSE 2.38 % an ..
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