The Indian markets have been trading range-bound on Friday after adding more than one per cent in Thursday's trade. Gaining strength from yesterday's closing, benchmarks Nifty50 and the Sensex rallied more than half per cent in the late morning trade as the former crossed 17,350-mark, while the latter rose by nearly 400 points.  

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Buying was seen in realty, pharma, banks and financial stocks, while media and energy stocks witnessed selling pressure.  

In the broader market, Nifty midcap and small cap indices gained 0.4 and 0.3% respectively as India Volatility Index (VIX) slipped below 19-mark. 

Speaking of the market trend, V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, "There are some important indications from the Q4 results declared so far. Banking is staging a strong rebound with good credit growth and improving asset quality. IT, particularly mid-cap IT, continues to do well even though some large IT firms are mildly disappointed."  

Banking stocks have not yet responded to the good results due to relentless selling by FPIs, he said.  

"IT after the recent correction is fairly valued. Since RIL is the leader of the current rally and Q4 results are expected to be very good, aided by the petrochem business and high refining margins, RIL can impart resilience to the market in the near term. The Fed policy outcome on May 5th will set the tone for the short-term trend of the market," added the expert.  

Meanwhile, Godrej Agrovet, JM Financial and Alok Industries came in te spotlight on Thursday, swinging at both ends. On Friday, Godrej Agrovet slipped nearly 3% in the early, while JM Financial gained more than 4% and Alok Industries jumped more than 2%.  

Gaurav Ratnaparkhi, Head of Technical Research at Sharekhan by BNP Paribas, speaks about technical chart of these stocks and recommend the levels to watch out for investors. 

Godrej Agrovet 

The stock has formed a multi-week inverted H&S pattern & has broken out on the upside. In the case of the right shoulder of the pattern, the selling was absorbed near the key daily moving averages & thereon it started the next move up. The pattern breakout is being accompanied by strong volumes, which is a positive sign. Retest of the pattern neckline i.e. around 550-555 will be an opportunity to initiate a fresh long position. On the higher side, 600 & 635 will be the targets to watch out for. Reversal for the bullish stance will be below 525 

JM Financial 

The stock has recently seen a short-term consolidation breakout on the upside, which is supported by volumes expansion. The daily momentum indicator has triggered a fresh bullish crossover whereas the weekly momentum indicator is already in bullish mode. Thus, the stock is likely to stay on an upward trajectory for the short term. It is expected to head towards the level of 82 with the subsequent target at 89 

Alok Industries 

The stock has been witnessing sharp moves in both directions for the last few sessions. It is stuck in between the flattened daily Bollinger Bands. In terms of the price patterns, it has the potential to form a triangular pattern. This suggests that the stock is likely to witness range bound action in the short to medium term. Thus 24-29 is expected to be the range for the counter for the next 2-3 weeks