Key factors, analysts believe, would be deal pipeline, pricing scenario, and outlook on growth, operating margins and products and platforms (P&P) business
According to Ravi Nathani, an independent technical analyst, the best trading strategy for Nifty Auto and the Nifty Energy indices seem to be 'sell on rise'.
According to Ravi Nathani, an independent technical analyst, the Nifty IT index is quoting close to its support range of 33,400 - 33,300, with key momentum oscillators in oversold zone.
According to Ravi Nathani, an independent technical analyst, one can consider to buy the Nifty IT index on dips, whereas the Auto index can be short closer to the key resistance level.
The broader indices, the Nifty MidCap and SmallCap need to sustain above 48,000 and 7,100 levels, in order to reverse the recent negative sentiment at the counters, suggests technical charts.
FY25 outlook muted for the sector, say analysts
The Nifty IT index was the leading sectoral loser in Tuesday's trade, down nearly 2 per cent at its intra-day low of 36,613. With this, the index has shed 5 per cent from its 52-week high of 38,560
The Nifty Private Bank Index in seen trading in a range of 23,165 - 23,690, and the IT index in the 37,200 - 38,56 range, says Ravi Nathani, an independent technical analyst.
According to Ravi Nathani, an independent technical analyst, breach of 37,780 on the Nifty IT could trigger a fall to 37,400 and 37,125.
According to Ravi Nathani, an independent technical analyst, the Nifty IT index is likely to face stiff resistance between 38,000 - 38,125.
According to Ravi Nathani, an independent technical analyst, the Nifty IT index seems range-bound on charts, while auto in a declining trend.
According to Ravi Nathani, an independent technical analyst, the Nifty IT index may face resistance around 38,380 and 39,360; while hurdle for the Auto index is placed at 20,450.
According to Ravi Nathani, an independent technical analyst, the Nifty IT index is seen oscillating between 37,930 and 36,136 trading range.
The Nifty IT index was trading at its highest level since January 19, 2022. It had hit a record high of 39,446.70 on January 4, 2022.
According to Ravi Nathani, an independent technical analyst, the Nifty IT index is seen consolidating in the 35,300 - 34,400 trading range.
As talks of an impending market correction grow louder, here's a quick chart check on the Nifty 50 and key sectoral indices.
Bellwether stocks Tata Consultancy Services, Infosys, and HCL Technologies each witnessed a 5 per cent jump on Friday, accounting for over half of the market gains
At 10:12 AM, Nifty IT index, the top gainer among sectoral indices, was up 2.7 per cent
The recommended strategy in Nifty Auto index is to initiate sell positions at the prevailing market price or during upward movements
According to Ravi Nathani, an independent technical analyst, the Nifty Auto index is likely to exihibit bullish trend as it hovers in uncharted territory.