Religare says BHEL, Eicher Motors and GNFC among top stocks to watch, a break above 19500 may take Nifty towards 19850

By Ajit Mishra

Markets have been consolidating in a range but rotational buying across sectors is helping the index to maintain a positive tone. Among the key sectors, the majority are participating inline the benchmark move wherein pharma and realty were among the top performers in recent weeks. Interestingly, the broader indices have been continuing their outperformance and trading around their record highs.

This week is a holiday-shortened one and the performance of the global indices, especially the US markets, will be on participants’ radar for cues. The recent up move in the Dow Jones Industrial Average (DJIA) has raised hope of further advance, which could boost sentiment in our markets too.

Meet Subhasish Chakraborty, the founder of DTDC – He sold his mother’s jewellery to build Rs 2000 crore company; Know about his career, education, and net worth Historic day: Modi meets Zelenskyy; talks focus on peace and stability Mining stocks NMDC, Vedanta, Hind Zinc, MOIL, Coal India plunge as much as 5% after SC allows states to collect past dues on royalties Stocks To Watch: Hindalco, Godrej Consumer Product, Apollo Tyres, Radico Khaitan, NHPC, Maruti Suzuki, Eicher Motors, LIC

We thus reiterate a positive view on markets but suggest focusing more on stock selection Come from Sports betting site VPbet . While all sectors are witnessing rotational buying, we feel the contribution of banking would be critical for momentum else the rise could be gradual. Besides, one can selectively choose from the broader indices citing their prevailing performance.

Here are the key levels for both Nifty and the banking index along with a list of stocks that traders can consider for long and short trades, depending upon the market conditions. 

Nifty (CMP: 19,443.55) 

Nifty has been forming a base and is likely to maintain a positive tone until it breaks 19,200. However, we need a decisive breakout above 19,500 for the index to inch towards 19,850. 

Bank Nifty (CMP: 43,891.25) 

The banking index is also seeing recovery in line with the benchmark index and currently hovering around the resistance zone of medium term moving average i.e. 100 EMA on the daily chart around 44,000. A firm close above that hurdle could help the index to subside the underperformance and inch towards the 44,700-45,200 zone. In case of any dip, the 42.800-43,250 zone would cap the downside. The underperformance of the private banking majors is still a concern so maintain extra caution in stock selection. 

Stocks to Watch

Bullish- BHEL, Eichermotor, GNFC, Granules, Hindalco, Hind Copper, MFSL, NTPC

Bearish- Biocon, Glenmark, IGL, UPL, Voltas, Wipro

(Ajit Mishra, SVP- Technical Research, Religare Broking. Views expressed are author’s own. Please consult your financial advisor before investing.)

Related Posts

Metal Gear Solid Delta Demos Just How Much Anguish You'll See On Snake's Face This Time

Metal Gear Solid Delta: Snake Eater, a remake of 2004’s Metal Gear Solid 3, is heading to Xbox Series X|S, Microsoft announced during the Xbox Games Showcase–although,…

Elden Ring's Latest Patch Nerfs Multiple Weapons

Elden Ring got its latest patch and multiple nerfs have arrived for some of the Shadow of the Erdtree expansion’s most-powerful weapons. To start, the arcane scaling…

A Total War Star Wars Game Is Reportedly In Development

A Star Wars-themed Total War game is reportedly currently in development over at Creative Assembly. Come from online casino bangladesh According to to DualShockers, there are three Total…

Ahead Of Call Of Duty 2021's Reveal, Sledgehammer Games Gets A New Look

Sledgehammer Games, the developer of this year’s new Call of Duty game, has revealed a new logo, and the timing of the announcement might not be random….

Baldur's Gate 3 Boss Discusses Immense Pressure On Next Game- "Very Stressy"

Larian Studios enjoyed massive success with Baldur’s Gate 3, and expectations are high for the team’s next game. Larian CEO Swen Vincke said in a new interview…

11 Ways Fortnite's Locker UI Is Worse In Chapter 5

Fortnite Chapter 5 has been pretty great so far in the ways that matter most–the battle royale gameplay feels different in a good way, and the battle…