Ahead of today’s outcome of the Reserve Bank of India (RBI) policy meeting, the market as a whole remained on edge. Investors would still look to the earnings season for cues and pay attention to economic statistics on China’s CPI and US Retail Sales. Today, insurance giant LIC is expected to release its results, with growth in new business premiums expected to be robust.
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On Wednesday, the 30-share BSE Sensex ended lower by 34.09 points or 0.05% at 72,152.00 level while the Nifty 50 closed at 21,930.50 level, up 1.10 points or 0.01%. On the broader market front, both the Nifty Small Cap 100 and the Nifty Midcap 100 indices registered all-time highs of 16,653 points and 49,359 points, respectively. The mid-cap index is up about 7% this year, while the small-cap index is up nearly 10%.
Also Read: Stock market today: Sensex, Nifty 50 flat; medium, small cap rates outperform
Nifty 50 Outlook
From a technical point of view, the time-wise correction remains static, with no clarity in the trend and the Nifty 50 is confined to a narrow range. Reiterating our comment, 22,000-22,100 remains a daunting task for the bulls, and this must be conquered decisively to trigger the next round of rallies in the index. Meanwhile, on the downside front, a drop below 21,800-21,750 could exacerbate the profit-booking room to the 20 DEMA, placed near the 21,670 sub-zone, immediately. Until then, one could anticipate a range bound move by buying traction around the support areas while cooling near the aforementioned resistance zone, said. Osho Krishan, Mr. Analyst – Technical and Derivatives, Angel One Ltd.
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The upcoming monetary policy of the Reserve Bank of India (RBI) needs to be closely watched, as any surprise could catalyze trend formation. In the meantime, one has to stay alert with global developments and remain vigilant with stock selection to have superior performance in the market, explained Krishan.
Supply Recommendations For Today by Osho Krishan
KEI Industries Ltd
According to Osho, KEI Industries Ltd was in a stellar bull run, positioned well above all its major EMAs on the daily time frame. Also, from a technical point of view, the counter is hovering in a ‘Symmetrical Triangle’ pattern on the daily chart and is likely to witness a breakout in the comparable period. On the oscillator, the MACD saw a positive crossover, adding a bullish undertone to the counter. And with all the setup, the stock looks poised to regain its highs and enter uncharted territory.
“Therefore, we recommend BUY KEI Industries around ₹3,260-3,250, Keeping a stop loss of ₹3,130 for positional purpose of ₹3,420-3,460,” Krishan said.
Also read: World markets today: US stocks gain on strong earnings, S&P 500 hits fresh record.
Osho believes that Havells India Ltd saw a steep correction from the 1,470-odd zone to the 1,280-odd zone, after which it started gaining traction on the long side. In the last two trading weeks, the counter recovered from lows and managed to hover above all its EMAs in the daily time frame. Technically, the support of the 200 SMA is likely to favor the odds in the comparable period. Also, the technical parameters turned bullish with a positive crossover on the 14-period RSI, which could be seen as a big development on the counter.
“Therefore, we recommend BUY Havells India all around ₹1350-1340, Holding a stop loss of ₹1,300 for a positional purpose of ₹1,420-1,440,” said Osho.
Also Read: Nifty Microcap 250 up nearly 10% in January, outperforms all major indices in last 1 year; check details
Disclaimer: The above views and recommendations are those of individual analysts, experts and trading companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 08 Feb 2024, 08:18 IST
(tagsTo Translate)Buy or sell