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

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.