On weekly chart, the Nifty is trading in a rising channel pattern which is a positive sign suggesting investors can use any dip as a buying opportunity, according to technical analysts. Some of the technical buys where an investor can catch dips for a 10 to 15 per cent gain in the near term include Apollo HospitalsNSE -0.66 %, Godrej Consumer Products, Motherson Sumi, Piramal Enterprises and V-Guard.
Where are We? During the recent rally, the benchmark Nifty has made a ..
What is in Store? Currently, the index has been consolidating at 113 per cent projection of the previous fall from 11,751 to 10,004. A decisive move above 113 per cent projection, which is pegged roughly at 12,000 would set a strong rally in the market when the Nifty could move towards 12,500 or higher. On the lower end, 11,750 (previous swing high) is likely to act as a crucial line of polarity. A decisive fall below 11,750 may trigger a bigger correction in the market and the ..
What could Investors Do? Till the time the index sustains below 12,000, most of the long trades may not prove to be highly rewarding as the market may tend to reverse to lower levels as it approaches 12,000. On the other hand, sustained trades above 12,000 may induce opportunity to create long trades in the market. Banking and financial stocks may witness some profit taking after an exponential move of late. However, we do not expect gross underperformance in the sector. IT, rea ..
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