Nifty 50 Trading Rangebound Amid Election, GDP Anticipation

Nifty 50 Trading Rangebound Amid Election, GDP Anticipation

VoM News Desk | November 28, 2023 | 11:56 AM IST | Breaking News | Tags: #AxisSecurities, #EconomicData, #FundamentalAnalysis, #GDPNumbers, #IndianEconomy, #InvestingTips, #MarketAnalysis, #MarketVolatility, #StateElections, #StockMarket, #StockRecommendations, #TechnicalAnalysis, Nifty50 | Follow on Google News

Nifty 50 Trading Rangebound Amid Election, GDP Anticipation

Nifty 50 Trading Rangebound Amid Election, GDP Anticipation

The Nifty 50 has been experiencing a rangebound trend recently, influenced by anticipations surrounding state election outcomes and India’s Q2 GDP numbers.

In Tuesday’s morning trade, the Nifty 50 saw an initial rise of about 0.3%, but soon pared most gains, trading up by only 0.14% at 19,823 around 10:35 am. The index’s movement reflects the market’s cautious sentiment in the face of upcoming significant economic data and political events.

Technical Analysis and Predictions

Last week, the Nifty formed a ‘Doji’ candlestick pattern on the weekly chart, indicating uncertainty among investors. Axis Securities suggests that crossing and sustaining above 19,900 could lead to buying, potentially pushing the index towards 20,000-20,200 levels. Conversely, a break below 19,650 could trigger selling, possibly leading the index to 19,500-19,400. The weekly strength indicator RSI remains flat, showing a lack of momentum, but the stochastic oscillator indicates a potential uptick in the short term.

Market Volatility and Stock Recommendations

Amid the current market volatility, experts advise investing in technically and fundamentally sound stocks. Based on expert recommendations, here are 12 stocks for consideration over the next three to four weeks:

1. Bharti Airtel: Buying range: ₹963-943 | Target price: ₹1,040-1,070 | Stop loss: ₹910
2. Bharat Forge: Buying range: ₹1,095-1,073 | Target price: ₹1,172-1,200 | Stop loss: ₹1,040
3. SJVN: Buying range: ₹79-77 | Target price: ₹87-91 | Stop loss: ₹74
4. Sun Pharma Advanced Research Company (SPARC): Target price: ₹290 | Stop loss: ₹260
5. DCX Systems: Target price: ₹405 | Stop loss: ₹350
6. DCM Shriram Industries: Target price: ₹185 | Stop loss: ₹152
7. Amara Raja Energy & Mobility: Target price: ₹750 | Stop loss: ₹630
8. Garden Reach Shipbuilders & Engineers (GRSE): Target price: ₹910 | Stop loss: ₹770
9. GHCL: Target price: ₹640 | Stop loss: ₹515
10. DMart: Buying range: ₹3,800-3,850 | Target price: ₹4,200 | Stop loss: ₹3,650
11. Tata Teleservices Maharashtra (TTML): Buying range: ₹86-90 | Target price: ₹105 | Stop loss: ₹78
12. Chambal Fertilisers and Chemicals: Buying range: ₹305-310 | Target price: ₹365 | Stop loss: ₹27

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