Nifty target zone for expiry week at 11,820-11,890

Expect rangebound trade on the Nifty as we head into the expiry week.

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Investors can look at accumulating quality scrips from a long term point of view.
SWAPNEEL V MANTRI
TECHNICAL ANALYST – INSTITUTIONS, SUSHIL FINANCE

Though charts are suggesting an uptrend for the Nifty, markets are cautiously optimistic and there is an increased risk awareness among options participants, said technical analysts. Britannia, HUL, Hero Motocorp, Apollo Tyres, Balkrishna Ind and GSK Consumers are some of the stocks that look promising on the charts, they said.

Where we are: The holidaycurtailed week gone by was dull yet eventful with the Nifty marking an all-time high of 11,856 amidst the on-going Lok Sabha elections and macro uncertainty. Nifty closed the week at 11,752.


What is in store: Expect rangebound trade on the Nifty as we head into the expiry week. Levels wise, 11,820-11,890 target zones and 11,600-11,720 support zones. Nifty’s 200 DMA is at 10,980.

What could investors do: Investors can look at accumulating quality scrips from a long term point of view. Stock-specific, FMCG majors Britannia and HUL show good chart structures and can be accumulated at current levels for higher targets of 3,600 and 1,852, respectively. Two-wheeler major Hero Motors has been long consolidating in the current range and can be accumulated for short to medium term target of 2,900-3,400. Apollo Tyres and Balkrishna Industries also look good on charts and are expected to head towards 235, 1,052 in short to medium term. Among midcap counters, GSK Consumers, L&T Technology are showing promising charts and can be accumulated for higher targets of 7,900 and 1,850.


(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)
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