Mr. Debabrata Bhattacharjee, Head of Research, CapitalAim
Once Again the Index hit it's high on the next day of expiry. Nifty of Fridays manages to close over 11575, once again the Bank Nifty is the star performer of the show, successfully close over 30250 which is its previous all-time high. Now traded over 30400.
Bond yields are slipping once again trading at a low in the US is the key driver in the nifty's elevation. While the development in the US and china trade-war talks appeared to boost the sentiment once again into a positive note. The ongoing development between the two countries is the negotiations in Beijing are the efforts to reach an agreement that might ease tariffs.
On Fridays market, Benchmark Nifty gain almost 53.90 points or 0.47% at 11623. Nifty50 entering in the new era closest to its all-time high of 11760. For the next week, Nifty is likely to trade between 11500-11700, where 11700 CALL has the highest open interest in the April Series on the very first day of new series.
Investors should look for the line up events in Indian markets for the upcoming week. Where, one should keep an eye on Nikkei Manufacturing PMI on Tuesday, while related to banking industry one should look for RBI's monetary policy on Thursday where we look for CRR and Reverse Repo rate in Indian market. Auto stocks will be in focus as Auto sales no. is coming on this week.
Stock Future recommendations :
APOLLOHOSP: BUY| Above : Rs 1255| Target: Rs 1325| Stop loss: Rs 1200|
APOLLOHOSP is in buying hand. Forming a base building at lower levels and formation of double bottom is confirming the buying ahead in this counter.
HAVELLS : BUY| Above : Rs 780| Target: Rs 800| Stop loss: Rs 760|
Havells is breakout from a channel line. Stocks outperform because of expected rate cut in consumer durables in GST tax slab. A strong buying in next week above 780 can lead it toward 800+ levels.
L&T : BUY| Above : Rs 1395| Target: Rs 1450| Stop loss: Rs 1360|
L&T is forming a breakout of its range i.e. called range breakout. Moving in sideways past two weeks. L&T is trading in Diamond pattern. Follow on breakout can move it either side.