Nifty likely to touch all-time high of 18,887: Analysts

The Nifty is likely to continue its upward momentum and can touch previous all-time high level of 18,887, according to technical analysts. The mid- and small-cap baskets, which remained active throughout last week, will continue their rally, analysts added. Hudco, Apollo Hospitals, Tech Mahindra, Tata Elxsi, Jindal Steel, Hindustan Copper, and RHI Magnesita are some of the top trading picks for the week.

SAMEET CHAVAN
CHIEF ANALYST-TECHNICAL & DERIVATIVES, ANGEL ONE

Where is Nifty headed this week?
If global markets support, we can construe last week’s price development as a pullback. This view remains valid as long as a cluster of support around 18,460 – 18,400 – 18,330 is not violated on a closing basis. On the flip side, the sturdy wall is visible around 18,600 – 18,670, and the moment it’s surpassed, we may see an alltime high getting challenged.

What should investors do?
Broadly, we are in a strong uptrend, and it’s advisable to focus on the larger picture. We recommend buying Hudco for a target of Rs 68. Traders can participate by following a strict stop loss at Rs 57.80. Apollo Hospitals looks attractive. It can be bought for a target of Rs 5,250, with stop loss at Rs 4,820.


MEHUL KOTHARI
AVP – TECHNICAL RESEARCH, ANAND RATHI SHARES & STOCK BROKERS

Where is Nifty headed this week?
Nifty’s recent high of 18,662 would remain an immediate trigger for the bulls. A sustainable move above this level might result in a new life high for the index. We expect the ongoing momentum to halt near 18,900 – 19,000. The volatility index VIX is once again near the reversal zone of 11-10, indicating high volatility. On the downside, 18,450 seems to be an important support. A close of 18,450 might bring the expected corrective impulse move in the markets.

What should investors do?
It would be wiser for traders to keep booking profits. We expect a decent relief rally or a pullback in Aditya Birla Fashion. Buy in Rs 202-198 range with a stop loss of Rs 180 on a closing basis for upside target of Rs 230 and Rs 240 levels in 1-3 months. Even Nykaa looks ready for a bounce. Traders can buy the stock in Rs 132-128 range with a stop loss of Rs 114 on closing basis for the upside potential target of Rs 154 and Rs 162 levels in 1-3 months.

ARPAN SHAH
SENIOR RESEARCH ANALYST, MONARCH NETWORTH CAPITAL

Where is Nifty headed this week?
Nifty will likely continue its upside momentum in June and can touch its all-time high of 18,887 in the current series. Bank Nifty has crossed its previous all-time high of 44,151 but failed to sustain above that level. However, the current dip can be a buying opportunity as the index is heading for 45,000-45,500 in June.

What should investors do?
The IT index has bounced from its support and closed with a reversal candlestick formation in May. Tech Mahindra and Tata Elxsi are the top IT picks. In metals, Jindal Steel and Hindustan Copper are good trading opportunities. Among mid- & small-caps, Steelcast, Sansera Engg, Carysil, and RHI Megnesita are the top picks.

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