Today is the last trading session of the week; Despite strong rally in Asian markets, GIFT Nifty remains flat. As a result, the streak of five consecutive days of gains may stop today. Nifty has gained 1,008 points in the last five sessions. Know which stocks have been selected by analysts Ansh Bhilwar and Pooja Tripathi for Friday’s session.
Main factors affecting the market
Oil supplies from the Strait of Hormuz resume
Crude oil prices fell to $79
Accenture shares fall 19% after guidance cut
Infosys ADR fell by 9.6% and Wipro by 3.6%.
Will keep an eye on IT shares
Other key factors
Reliance’s AGM is being held today; All eyes are on this event
Nikkei gained 0.5% and Kospi gained 2%
FIIs sold shares worth ₹1,025 crore in cash market yesterday
DIIs bought shares worth ₹3,516 crore in cash market yesterday
Ansh Bhilwar’s Selected Stocks
Categories Share Action Target Stop Loss CASH ASTER DM Buy ₹817 ₹776 FUTURES SHREE CEMENT Buy ₹26,713 ₹24,800 OPTIONS INFOSYS 1100 Put Buy ₹30 ₹10 TECHNO DEEPAK NITRITE Buy ₹1795 ₹1592 FUNDA NYKAA Buy ₹318 ₹288 INVEST INDIAMART Buy ₹2355 ₹2031 NEWS WIPRO Futures Sell ₹177 ₹185 MY CHOICE BHEL Buy ₹423 ₹397 MY CHOICE CAMS Buy ₹875 ₹812 MY CHOICE LUPIN Buy ₹2400 ₹2298 MY BEST INFOSYS 1100 Put Buy ₹30 ₹10
Pooja Tripathi’s selected stocks
Categories Share Action Target Stop Loss CASH TATA MOTORS Buy ₹415 ₹402 FUTURE AMBER ENTERPRISES Buy ₹8124 ₹7886 OPTION TECH MAHINDRA 1440 PUT Buy ₹60 ₹10 (Price @ ₹26.3) TECHNO TCS Sell ₹2157 ₹2223 FUNDA HDFC BANK Buy ₹850 6 Months INVEST TITAN Buy ₹4600 6-12 Months NEWS TRUALT BIOENERGY Buy ₹490 ₹484 MY CHOICE BHARAT FORGE Buy ₹2060 ₹1999 MY CHOICE MANAPPURAM FINANCE Sell ₹315 ₹325 MY CHOICE MUTHOOT FINANCE Sell ₹3119 ₹3213 MY BEST PICK AMBER ENTERPRISES Buy ₹8124 ₹7886
ADRs fall after Accenture results
Accenture’s weak outlook is negative for Indian IT companies
Infosys ADR fell by 10% and Wipro ADR by almost 3%.
Will there be a big fall in IT stocks today?
The index may fall by at least 5-6%
Any negative news has a big impact on IT stocks
What to do when there is a gap-down opening? Banks are ready to support IT sector
Direct tax collection figures released yesterday were also strong
Good news for HDFC Bank also
Yesterday it also saw a big breakout
The effect of ‘inflation trading’ is clearly visible in banks.
Buying opportunity amid today’s decline
Is Nifty breakout at 24,125 confirmed? Nifty closed the gap at 24,126 yesterday (May 8 and May 11).
Nifty’s 100-day DMA is at 24,225.
A close above 24,250 could trigger a new, bigger rally.
Today the market will open weak, but closing levels will be important.
To confirm the breakout, it will need to close above 24,125 again today.
Oil supply from the Strait of Hormuz has resumed.
Crude oil prices fell to $79.
Accenture shares fell 19% after the guidance cut.
Infosys ADR fell 9.6% and Wipro fell 3.6%.
As a result, IT stocks will be under watch.
Technical Support and Barriers of Nifty
Om Mehra, Technical Research Analyst, SAMCO Securities, said that Nifty’s 100-day SMA is at 24,220, which will act as an initial resistance today. The technical setup of the market is getting better and its momentum is also improving. If Nifty crosses the range of 24,220-24,250, it is likely to move towards 24,500. At the same time, immediate support levels are at 23,990 (first) and 23,880 (second).