Stock Market: Crucial support for Nifty index at 10,500; top 3 stocks that can fetch 6-8% in short term
Benchmark indices remained pressure and lost by about 2 percent for the week ended 15 February pressurized by weak global cues and not so encouraging earnings announcements. Besides, factors like continuous fund outflow, the rise in crude oil and weakness in the rupee also weighed on the sentiment. The bias was negative from the beginning and failed to see any respite until the end. A continuous decline in the broader market front further worsened the situation.
Majority of big companies have already announced their numbers for the quarter ended December but have failed to trigger any directional move.
Now, all eyes are on the trade talks between the US and China. On the local front, indications are now in favor of further fall and banking could lead the decline. The next crucial support for the Nifty index is placed at 10,500 while in case of bounce 10,800-10,850 would act as a hurdle. IT looks strongest amongst the sectoral indices while pressure may continue in metal and PSU banking space so plan the trades accordingly.
We advise keeping a cautious approach and maintaining positions on both sides. After making a record high at 549.75, Muthoot Finance has witnessed marginal profit taking and tested crucial support zone around Rs 480 levels early this month. Currently, it is hovering in a narrow range while holding firmly above the support zone of multiple moving averages and is likely to see a fresh breakout in the near future.
We advise traders to initiate fresh long positions within 510-515 zone. It closed at 520.40 on February 18, 2019. In line with other metal counters, Hindustan Zinc is also inching lower. It has been consolidating in a broader range for more than a year and trading on the verge of a breakdown from the same. We suggest traders not to miss this opportunity and create fresh short in the given range of 246-248. It closed at 244 on February 18, 2019.
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