Despite muted market conditions, Nifty50 held on to 17,500 on Wednesday suggesting that demand is at lower levels which is a positive sign for the bulls. After a sharp upmove, we could see some consolidation as markets are in the overbought zone, said analysts.
“Oscillators are overbought, but they have been so for some time already now, and have been less effective because of the directional nature of the index,” Anand James – Chief Market Strategist at , said.
“Hence, we will hunt for vulnerability only on the rise to 18200 in the next few days, or on pull back below17570 today after the early burst, with 17690 tipped to act as an important pivot,” he added.
We have collated stocks from various experts for traders who have a short-term trading horizon:
Expert: Nooresh Merani, an independent technical analyst told ETNow
Bharti Airtel: Buy| Target Rs 780| Stop Loss Rs 705
L&T: Buy| Target Rs 2050| Stop Loss Rs 1800
Chalet Hotels: Buy| Target Rs 400| Stop Loss Rs 310
Expert: Akhilesh Jat, Category Manager – Equity Research, CapitalVia Global Research
Fine Organic: Buy at 6850| Stop Loss Rs 6700;| Target Rs 7100
Equipment: Buy at 450| Stop Loss Rs 430| Target Rs 480
Eicher Motors: Sell Rs 3200| Stop Loss Rs 3100| Target Rs 3345
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)