Indian markets closed within the crimson on Wednesday forward of the result of the US Federal Reserve coverage assembly. The broader markets outperformed benchmark indices as the S&P BSE Mid-cap and Small-cap indices closed with features of over 1 per cent every.
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Sectorally, the autumn was seen in banks, finance and utilities and FMCG, whereas the rally was seen in realty, client discretionary, and steel shares.
Shares that had been in focus embody Godrej Properties which closed with features of over 13 p.c, DLF rose greater than 11 p.c, and G R Infraprojects closed with features of over 10 p.c.
Now we have collated views from technical consultants as to what ought to traders do with these shares from a brief to medium-term perspective:
Professional: Santosh Meena, Head of Analysis, Swastika Investmart Ltd.
Godrej Properties: Purchase on dips
The counter is in a robust bullish momentum, the place it’s resuming its momentum with a breakout of a bullish cup and deal with formation which will take the counter in the direction of 2100 stage.
Nevertheless, many of the momentum indicators have entered overbought territory which will lead to some consolidation or correction, however any dip or correction in the direction of the 1700 stage might be a very good shopping for alternative.
The medium-term pattern stays robust, and the goal comes round 2400 stage. If we speak concerning the Nifty realty index, then it’s popping out of 10 years of consolidation for a contemporary bull run, due to this fact we’re seeing a giant rally in many of the actual property shares.
DLF: Inventory eyes Rs 450 in medium-term
DLF additionally witnessed a breakout from a 10-years consolidation and is heading northwards with the next excessive and better low formation, the place 370 stage is trendline resistance.
If the inventory manages to commerce above this stage, then we are able to count on additional upside in the direction of 395 stage. The inventory has the potential to maneuver in the direction of the 450 marks within the medium-term, and any dip round 330 might be a shopping for alternative.
G R Infraprojects: Quick goal positioned round Rs 2300
Just lately listed counter G R infra created a robust base across the 1570 mark to take off the place it could see some pause across the psychological stage of 2000 however the total pattern might stay constructive for the quick goal of 2300.
On the draw back, 1840-1780 will act as a direct demand zone to purchase contemporary positions. Much like the Nifty realty index, the Nifty infra index has additionally began a contemporary bull run with a breakout of 10-year of consolidation.
(Disclaimer: The views/ideas/advices expressed right here on this article is solely by funding consultants. Zee Enterprise suggests its readers to seek the advice of with their funding advisers earlier than making any monetary choice.)