On September 1, the market saw a notable upswing across all sectors, propelling Nifty above the 19400 mark and setting a positive tone for the September series. Experts predict that if Nifty surpasses 19500 during this bullish phase, it could potentially reach 19650. Conversely, support levels are identified at 19300-19250.
The Nifty 50 index displayed a 0.9% gain during the week ending September 1, forming a bullish candlestick pattern on the weekly chart. This rally was attributed to strong performances in the metal, infrastructure, banking, financial, IT, and auto sectors, marking the end of a five-day losing streak.
According to Sameet Chavan of Angel One, the support at 19300-19250 played a crucial role, rekindling hopes of a bullish trend when Nifty closed above it last week. Sustaining this bullish momentum in the upcoming sessions is vital; otherwise, the market might face further weakness. On the flip side, if Nifty breaks the barrier between 19500 and 19600, it could experience additional upward momentum.
Nagaraj Shetty of HDFC Securities anticipates further upside for Nifty in the short term, with potential resistance levels at 19600 and 19800 in the coming weeks. Immediate support is noted at the 19350 level.
Top Trading Ideas for Double-Digit Returns
Market experts have identified promising stock picks expected to deliver double-digit returns in the next three to four weeks:
Gujarat Alkalies and Chemicals: Buy at LTP Rs 732, with a stop-loss at Rs 655 and a target of Rs 880, potentially yielding a 20% return.
Laxmi Organic Industries: Buy at LTP Rs 298, with a stop-loss at Rs 264 and a target of Rs 370, offering a potential 24% return.
Fine Organics Industries: Buy at LTP Rs 4817, with a stop-loss at Rs 4530 and a target of Rs 5300, possibly resulting in a 10% return.
These recommendations, among others, reflect the optimism surrounding Nifty’s current momentum and its potential impact on specific stocks.