The Indian stock market closed on October 4th in the red for the fifth consecutive quarter, with the Nifty trading down 235.50 points (0.93%) to close at around 25,000 shares.
From its recent lifetime high, Nifty has corrected around 1,300 points, which equates to a 5% decline.
According to the data, the Nifty index closed below both the 20-day and 50-day exponential moving average (EMA) and below these key short-term indicators.
“This breakdown indicates that strong bearish momentum is likely to continue next week. On the weekly chart, the Nifty has formed a notable bearish candlestick pattern, with downward pressure likely to continue.” “This further confirms that,” said Mandar Borjane, technical research analyst at Choice Broking.
He said, “If the index breaks through and falls below the 25,000 level, it could lead to further correction towards the 100-day EMA located around the 24,375 level. It will happen,” he said. On the other hand, failure to sustain above this level could lead to increased selling pressure. Current technical trends suggest a sell strategy on the upswing, and new buying opportunities are likely.
It will emerge only if Nifty decisively crosses the 25,500 zone,” Beaujane recommended.
We have compiled a list of F&O basket stocks along with spot market from various experts for traders with short trading horizons.
Expert: Sagar Doshi Research, Technical Analyst at Nuvama Wealth, tells ETBureau
Tech Mahindra: Buy | Target Rs 1762 | Stop Loss Rs 1565
APL Apollo: Buy | Target Rs 1755 | Stop Loss Rs 1560
Expert: Kunal Bothra, market expert told ETNow
Ballampur Chini Mills: Buy | Target Rs 690 | Stop Loss Rs 650
Alkem Institute: Buy | Target Rs 6,325 | Stop Loss Rs 6150
VIP industry: Buy | Target Rs 588 | Stop Loss Rs 550
Expert: Independent technical analyst Nooresh Merani tells ETNow
Bank of Baroda: Buy | Target Rs 265 | Stop Loss Rs 245
Tata Chemicals: Buy | Target Rs 1250 | Stop Loss Rs 1100
VIP industry: Buy | Target Rs 650 | Stop Loss Rs 535
(Disclaimer: Recommendations, suggestions, views, and opinions expressed by experts are their own. (They do not represent the views of Economic Times)
