Market outlook: Expect a buoyant session; Nifty has hurdle at 10,130

We expect stock-specific outperformance to continue and recommend fresh purchases on select sectors. A positive outlook is advised for the day. NSEBSEV-GuardLoading data…

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    ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIESMuthoot FinanceLoading data…

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      ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIESITCLoading data…

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        ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIESIndusInd BankLoading data…

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          ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIESHavells IndiaLoading data…

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            ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIESBharat ForgeLoading data…

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              ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIESBata IndiaLoading data…

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                ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIESAxis BankLoading data…

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                  ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIESIndusInd BankHavells IndiaBharat ForgeBata IndiaAxis BankEXPAND TO VIEW ALL While trading perfectly on the analysed lines, the Nifty50 ended yet another day on a buoyant note on Tuesday. The benchmark Nifty50 opened strong and got even stronger as the day progressed and ended the session on a strong note, gaining 87 points or 0.87 per cent. The structural setup continues to be favourable and the market remains technically better poised to continue with the ongoing momentum. We expect a positive opening on Wednesday and see resilient trade. The index is likely to continue to advance and later consolidate once again at higher levels.

                  The Nifty is likely to face resistance at 10,130 and 10,215 levels on Wednesday, while supports will come in at 10,030 and 9,950.

                  The Relative Strength Index or RSI on the daily chart stood at 63.1246 and has marked a fresh 14-period high, which is a bullish indication. The daily MACD continues to trade above its signal line and remains bullish as well.

                  Another rising window has occurred on the candles. This is essentially a gap and it strongly implies the possibility of continued upward move.

                  Pattern analysis confirms the 50-DMA level as most important pattern support for the market. The Nifty consolidated around those levels and has strongly rebounded from that support zone.

                  All and all, F&O data too indicates that there are strong chances that the market will continue with its rally on Wednesday. It is very much likely that the index may try and test its previous highs and attempt to move past them. In the same breath, we expect some profit taking and do not rule out some ranged consolidation.

                  We expect stock-specific outperformance to continue and recommend fresh purchases on select sectors. A positive outlook is advised for the day.

                  STOCKS TO WATCH
                  Stocks like Mahindra CIE, SBI, AXIS Bank, Havells India, Muthoot Finance, Bharat Forge and ITC have favourable technical setups and are expected to remain resilient on Wednesday. Some unwinding of longs was observed on the counters of JP Associates, IndusInd Bank, PFC, Equitas, V-Guard, KSCL and Bata India.

                  (Milan Vaishnav, CMT, is Consultant Technical Analyst at Gemstone Equity Research & Advisory Services, Vadodara. Contentions made in this article are mere observations. Investors should consult their financial advisers before taking any positions based on these remarks. Views expressed are the author’s own do not represent those of ETMarkets.com. The author can be reached at milan.vaishnav@equityresearch.asia)

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