Metals, realty, banks, IT, auto and public sector saw selling pressure, while power and utilities saw buying.
Last week’s price action suggests that Nifty 50 is under selling pressure near the 18,000 level which may slow down the bulls. Experts suggest that investors are advised to stay stock specific.
Highest new OI (Open Interest) additions were seen at 18,000 for Calls and 17,000 in Weekly for Puts, 18,000 for Calls and 17,000 in Monthly contracts.
“A shooting star on the weekly, and a bearish signal in the daily charts indicates that the 18100-18200 trajectory is probably over,” Anand James – Chief Market Strategist
“Traders will again stare at 17000 prospects for August end, but recovery will be less likely if Monday volatility fails to enter 17600 and manages to pull back above 17720 which will complement the internal trend. does. The inability to do so would initially call for 17300,” he said.
We have collected stocks from various experts for traders who have a short-term trading horizon:
Expert: Chandan, derivatives and technical analyst, MOSL told ET Bureau
Tata Communications: Buy| Target Rs 1175| Stop Loss Rs 1100
The stock recorded a price volume breakout on the daily frame and has been trending upwards continuously for the past nine weeks which is a positive sign for the bulls.
L&T: Buy| Target Rs 2020| Stop Loss Rs 1895
The stock has been making highs over the past eight weeks with follow-up buying followed by a breakout on the daily frame.
PVR: Sell| Target Rs 1725| Stop Loss Rs 1850
The stock has been making lower highs for the past six sessions with volumes increasing on the short side.
InterGlobe Aviation: Sell| Target Rs 1881| Stop Loss Rs 2015
The stock is breaking down from its resistance areas on the daily frame with price volume breaking out.
Expert: Market expert Kunal Bothra told ETNow
L&T: Buy| Target Rs 2000 | Stop Loss Rs 1820
Apollo Tires: Sell| Target Rs 250. Stop Loss Rs 268
RBL Bank: Sell| Target Rs 95| Stop Loss Rs 103
Expert: Nooresh Merani, independent technical analyst, told ET Now
Asian Paints: Sell| Target Rs 3520| Stop Loss Rs 3350
Marico: Buy| Target Rs. 540| Stop Loss Rs. 508
Emami: Buy| Target Rs 550| Stop loss of Rs 460
(Disclaimer: Recommendations, suggestions, views and opinions given by experts are their own. They do not represent the views of The Economic Times)