Eight stock ideas for this holiday-truncated week
NEW DELHI: The Nifty50 closed with over 1 per cent gain in the week gone by, but traders will have to brace up for some volatility in the holiday-shortened week. Being an expiry week, it may see the market move on either side.
The domestic equity market will remain closed on Wednesday on account of Guru Nanak Jayanti. No macro data announcement is lined up for the week, but the F&O expiry for November will keep traders on the edge, experts said.
Most experts expect the market to move southwards. There is heavy open interest building up around the 8,000 level, which will act as a key resistance for the market. The Nifty50 is now hovering in the important support area between 7,700 and 7,730 levels and faces stiff resistance on the upper side at around 8,000.
“The downward drift of the market is expected to continue, albeit with weaker momentum. It is expected that the Nifty50 will retest its strong support area at around 7,550 level before any meaningful upward rally begins,” says Jimeet Modi, CEO, SAMCO Securities.
The Nifty50 has maintained its streak of lower top and lower bottom formations, which indicate that the medium-term trend is still down, and chances of weakness setting in is higher.
“It will be important how Nifty50 moves on Monday, as it closed above its crucial level of 7,850, which is a positive indicator. If we do not see a gap-down opening on Monday, then all should be okay. We should still continue the journey on the upside,” said Mitesh Thacker, Technical Analyst, miteshthacker.com.
“But overall, this does not leave you in a very healthy position. I think getting past the 7,950 level looks very difficult now. The 7,930-7,950 would be good levels to square off long positions,” he said.
Thacker said in case Nifty50 breaks the 7,800 market, then Nifty50 should possibly slide to 7,700 level immediately.
Read full article: Economic Times
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