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Market Commentary
Nifty benchmark is looking in a range bound coming week : CapitalAim
Posted On : 2019-03-02 12:01:04( TIMEZONE : IST )
Mr. Debabrata Bhattacharjee, Head of Research, CapitalAim
Since the start of the recent week, Benchmark Nifty Index is too volatile, it makes a roller-coaster ride for the traders and investors. Despite the Expiry of Feb. contract and tensions between Indo-Pak creates a war like situation at one time, makes nifty50 fall with pace and get back on a hope of further escalation is unlikely. After Pakistan prime minister's announcement to release Indian capture pilot could be taken as a sign that geopolitical crisis between two nuclear-armed nations will not escalate further. Performance of Banking sectors and recovery creates bullishness in Banking.
Friday's market surges almost 70 points or 0.65% at 10863. Nifty Index is consolidating within the range of 10730-10930. Either side breakout will signal further direction.
Nifty on expiry day i.e. on Thursday, In spite of having rollover pressure it has managed to sustain above 10750. There is a tug war between the bulls and bears around 200 DMA level, where the bears seem to prevail. Going forward Nifty benchmark is looking in a range bound trade ahead in the near and medium term. The support for the index in lower side is 10730-10700 while it can face resistance around 10900-10950. A sustainable move above 10950 could form more bullishness in near term towards 11000 or 11200 level.
Stock recommendations :
CANBANK : BUY| At : Rs 230| Target: Rs 245| Stop loss: Rs 217|
Bullishness in Banking sector and a better management of NPA with full recovery and use of IBC in near term makes banking sector a better bet. Canbank is revive from its lower consolidation of 212-224 and have breakout from that level makes it a good buy.
PIDILITEIND : SELL| Below : Rs 1120| Target: Rs 1015| Stop loss: Rs 1180|
Pidilitind is on the higher side of a channel line & consolidating there. A fresh breakdown of 1120 can drag it down towards 1050 and so on levels in near term.
SUNPHARMA: BUY| AT: Rs 452| Target: Rs 482| Stop loss: Rs 426|
Sunpharma is a defensive stock which is can run in any circumstances if there is chance of return nifty from it's peak. Pharmacy is always use as a defensive play.
