Some equities to keep an eye on are Apollo tyre, Bajaj Finserve, and BHEL, according to the experts.
The markets have been steadily rising and moving closer to their all-time high. Rotational buying is occurring in most of the sectors, which keeps participants occupied and limits the index’s decline during consolidation. Furthermore, the wider indices are trading at record-high levels and drawing noticeable attention as well.
Because this week is shorter than usual due to holidays, we anticipate that volatility will stay high because November month derivatives contracts are scheduled to expire. In addition to internal variables, we are closely monitoring the US market’s performance for clues and signals that point to the continuation of the current upward trend. We anticipate that the Dow Jones Industrial Average (DJIA) will gradually approach its previous swing high, which was 35,679, with any profit-taking being contained by the 34,800–35,000 zone.
We have provided a list of stocks that participants can think about trading positions based on the market trend, as well as the key levels for the banking index and Nifty.
After finally breaking through at 19850, we now anticipate that the index will progressively approach a new high. Undoubtedly, the extent of the increase would rely on the banking sector’s performance, which has also approached its immediate obstacle. We remain committed to the “buy on dips” strategy and advocate for new investments in equities that have a comparatively higher level of strength. In the event that the trend reverses, we anticipate that the 19,400–19,600 zone will provide support on the downside.
Even though the banking index is making an effort to make up ground, we advise concentrating on trades in other sectors for long positions until it clears the 44,100 barrier. A solid close above that barrier might encourage the index to twitch closer to the 44,700–45,200 range. The zone between 42.800 and 43,250 would provide a buffer in the event of a dip.
Apollotyre, Bajaj Finserve, BHEL, Hindalco, Hind Copper, Hind Petro, Indigo, and Tata Power are among the companies with bullish stocks.
