Experts expect the positive momentum to continue in coming sessions if the Nifty holds 10,800 levels on closing basis. ICICIdirect has buys on Siemens and Bharti Airtel.
Indian market brushed aside weak global cues and closed in the green on Thursday. The S&P BSE Sensex rose 52 points to close at 36,374. The Nifty50 added 14 points to end at 10,905.
Despite weak global cues, the domestic market managed to trade in a positive territory supported by stock-specific buying and strong rupee.
The index is witnessing strong momentum at lower levels which is a positive sign for the bulls. However, the index is still facing hurdle near 10930 levels. For the upside to continue, the index has convincingly closed above 11000, suggest experts.
Not to forget, as we approach closer to the big event, volatility will only increase on D-Street.
Indian rupee depreciated for the fourth day in a row amid higher bond yield and expectation of expansionary fiscal policy in the coming Budget.
On the institutional front, FPIs were net buyers in India capital markets for Rs 842 crore while the DIIs were net sellers to the tune of Rs 727 crore.
Big News:
On the earnings front, as many as 26 companies will report their results for the quarter ended December which include companies like Atul, Dhanlakshmi Bank, L&T Infotech, NIIT Technologies, Wipro, and ZEE Learn etc. among others.
Wipro: Net profit likely to grow by 9.6% YoY basis to Rs 2469 crore
NIIT Technologies: Net profit likely to grow by 45% YoY to Rs 110 crore
Technical Views:
Nifty formed a bearish candle on an intraday basis as closing was lower than the opening level
Experts expect the positive momentum to continue in coming sessions if the Nifty holds 10,800 levels on closing basis.
Three levels: 10844, 10930, 11000
Max Call OI: 11000, 11100
Max Put OI: 10500, 10700
Technical Recommendations:
We spoke to ICICIDirect and here’s what they have to recommend:
Siemens: Buy| LTP: Rs 1062| Target: Rs 1230| Stop Loss: 961| Upside 16%| Time Frame 6 months
Bharti Airtel: Buy| LTP: Rs 332 Target: 388| Stop Loss: Rs 302| Upside 17%| Time Frame 6 months
Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
