The Nifty witnessed a bloodbath on Friday as it plunged over 250 points and the S&P BSE Sensex witnessed a fall of over 800 points. After a 29 percent rally in the year 2017, the Nifty recorded its worst fall of the year 2018.

Bears took control of the markets from the opening tick but selling pressure increased towards the closing of trade which pushed the index below 10,900, which was its crucial support level.

The index formed a Long Black Day on the charts after a High Wave pattern recorded on the Budget Day which suggests that the trend might be drifting towards the downside or could lead to further consolidation.

The index broke below crucial resistance levels of 11,000, followed by 10,900 and 10,800. It also closed below its crucial short-term moving averages of 5-days exponential moving average (DEMA), 13-DEMA, and 10-DEMA, and 20-DEMA.

Widely tracked Supertrend indicator also gave a sell signal on the charts which suggest that bears are likely to remain in control at least in the short term.

As the name suggests, ‘Supertrend’ is a trend following indicator just like Moving Averages and MACD (Moving Average Convergence Divergence). It is plotted on prices and their placement indicates the current trend. The MACD also gave a Sell signal in the previous trading session.

The Nifty index has a strong support near 10500 levels and any rallies towards 10,900-11,000 should be used to lighten positions, suggest experts.

“The Nifty registered a Long Black Day formation on candlestick charts suggesting an acceleration of downtrend especially after mild negative closes witnessed in preceding three trading sessions,” Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in told Moneycontrol.

“The pace with which Nifty has fallen is suggesting a trend reversal in favour of bears and hence a multi-week top might be in place at the recent high of 11171 levels as it breached critical short-term support points. Selling shall get extended as well into next week towards 10500 levels where significant support on medium-term charts is available,” he said.

Mohammad is of the view that traders should make use of any rally towards 10,900 levels to lighten up their long positions. Upsides for time being shall be capped around 11,000 levels.

India VIX moved up by 8.09 percent at 15.25. A sudden jump in the volatility even after the big event could hit the market sentiment.

We have collated the top fifteen data points to help you spot profitable trade:

Key Support & Resistance Level for Nifty:

The Nifty closed at 10,760.6 on Friday. According to Pivot charts, the key support level is placed at 10,679.47, followed by 10,598.33. If the index starts to move higher, key resistance levels to watch out are 10,898.37 and 11,242.83.

Nifty Bank:

The Nifty Bank closed at 27,220.7. Important Pivot level, which will act as crucial support for the index, is placed at 26,973.5, followed by 26,726.3. On the upside, key resistance levels are placed at 27,540.7, followed by 11,036.13.

Call Options Data:

Maximum call open interest (OI) of 48.15 lakh contracts stands at strike price 11,000, which will be a crucial base for the January series, followed by 11,200, which now holds 44.84 lakh contracts in open interest, and 11,100, which has accumulated 37.92 lakh contracts in OI.

Call writing was seen at the strike price of 10,900, which saw the addition of 21.48 lakh contracts along with 11,000, which added 17.89 lakh contracts, along with 11,200, which saw the addition of 13.60 lakh contracts.

There was hardly any Call unwinding seen.

Put Options Data:

Maximum put OI of 66.13 lakh contracts was seen at strike price 10,500, which will act as a crucial base for January series, followed by 10,800, which now holds 44.38 lakh contracts and 10,700 which has now accumulated 43.05 lakh contracts in open interest.

Maximum Put writing was seen at the strike price of 10,800, which saw the addition of 7.09 lakh contracts, followed by 10,900, which added 6.89 lakh contracts and 10,300, which added 4.19 lakh contracts.

Put unwinding was seen at 11,000, which shed 13.34 lakh contracts, followed by 10,900, which shed 2.93 lakh contracts and 11,200, which shed 1.09 lakh contracts.

FII & DII Data:

Foreign institutional investors (FIIs) bought shares worth Rs 950 crore, while domestic institutional investors (DIIs) sold shares worth Rs 508.78 crore in the Indian equity market, as per provisional data available on the NSE.

Fund Flow Picture:

Stocks with high delivery percentage:

High delivery percentage suggests that investors are accepting the delivery of the stock, which means that investors are bullish on the stock.

3 stocks saw long build-up:

2 stocks saw short covering:

A decrease in open interest along with an increase in price mostly indicates short covering.

140 stocks saw short build-up:

An increase in open interest along with a decrease in price mostly indicates short positions being built up.

67 stocks saw long unwinding:

Long unwinding happens when there is a decrease in OI as well as in price.

Bulk Deals:

Camlin Fine Sciences Ltd: NTGI Collective Funds Trust bought 6,90,166 shares at Rs 120.29 per share

Elpro International Limited: Jupiter South Asian Investment Company Limited sold 1,464,774 shares at Rs 60.9 while The Royal Bank of Scotland PLC bought 1,464,704  shares at Rs 60.9 per share.

Man Industries (India) Limited: Man Finance Private Limited sold 3,500,000 shares at Rs 123.91 per share.

(For more bulk deals click here: https://goo.gl/qrXHCH)

Analyst or Board Meet/Briefings:

Axis Bank held an investor conference in Hong Kong on January 31, 2018.

ICICI Prudential Life Insurance: Senior management of the company met the investors of SBI Cap Securities.

GMR Infrastructure Limited: A meeting of the Board of Directors of the Company is scheduled on February 13, 2018 to consider and approve the un-audited financial results of the Company.

RPG Life Sciences: The Board of Directors of the Company has considered and approved the un-audited financial results for the quarter ended December 31, 2017.

Gujarat State Fertilizers & Chemicals: The Board of Directors has decided to held a meeting on February 12, 2018 for considering and approving unaudited financial results for Q3 ended on December 31, 2017.

Stocks in news:

Inox Wind Q3 net loss at Rs 46.1 crore against a profit of Rs 107.5 crore year on year.

Syndicate Bank: The Company in its Board Meeting has decided to consider the revised capital plan to Rs 3,990 crore for FY 17-18.

The Hi-Tech Gears: The Board of Directors of the Company have declared an interim dividend on equity shares at 15 percent on the paid up share capital of the Company for the year 2017-18.

Aegis Logistics: The Company has declared interim dividend of 50 percent on equity shares of face value of Re 1 per share and has fixed February 12, 2018 as the record date for the purpose of payment of interim dividend during the financial year 2017-18.

GMR Infra
To acquire 4,15,80,000 shares of face value of Rs 10 each, representing 11% equity stake in GMR Hyderabad International Airport Limited (GHIAL) collectively from Malaysian Airports Holding Berhard

Sintex Plastics
To issue warrants to promoters aggregating to Rs 600cr

Cosmo Films
Commissions second Cast Polypropylene line

NBCC
Letter of Approval from the Government of Assam for construction of Twin Tower Trade Centre at Guwahati, Assam amounting Rs 2000 crore

Windsor Machines
Has entered into an ‘Investment Agreement’ on February 2, 2018 with R Cube Energy Storage Systems LLP (R Cube Energy) for making strategic investment

Aurobindo Pharma gets USFDA approval for Niacin

GAIL
Places order of Rs 440 crore for 350 kilometers Vijaipur(UP) – Auraiya(MP) spurlineRs 3,500 crore capex for City Gas Distribution in financial year 2019

Tata Steel completes completion of 74 percent stake in Bhubaneshwar Power for Rs 255 crore

5 stocks under ban period on NSE

Security in ban period for the next trade date under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.

The security which are banned for trading are Fortis, HDIL, India Cements, JP Associates, and Wockhardt.

The Nifty witnessed a bloodbath on Friday as it plunged over 250 points and the S&P BSE Sensex witnessed a fall of over 800 points. After a 29 percent rally in the year 2017, the Nifty recorded its worst fall of the year 2018.

The Nifty closed at 10,760.6 on Friday. According to Pivot charts, the key support level is placed at 10,679.47, followed by 10,598.33. If the index starts to move higher, key resistance levels to watch out are 10,898.37 and 11,242.83.

The Nifty Bank closed at 27,220.7. Important Pivot level, which will act as crucial support for the index, is placed at 26,973.5, followed by 26,726.3. On the upside, key resistance levels are placed at 27,540.7, followed by 11,036.13.

Stay tuned to Moneycontrol to find out what happens in currency and equity markets today. We have collated a list of important headlines from across news agencies.

US markets slump  as Dow sees worst day in two years

Worries about the impact of a tightening job market on the prospects for inflation and a surge in bond yields sent investors fleeing equities on Friday, with the Dow Jones Industrials Average swooning almost 666 points, for its biggest daily percentage loss in 20 months.

The Dow Jones Industrial Average fell 665.75 points, or 2.54 percent, to 25,520.96, the S&P 500 lost 59.85 points, or 2.12 percent, to 2,762.13 and the Nasdaq Composite dropped 144.92 points, or 1.96 percent, to 7,240.95, Reuters reported.

Asia markets trade lower; Nikkei down 2%

Asia markets fell in early trade on Monday, following a sharp decline in US stocks on Friday amid a stronger-than-expected jobs report that sent interest rates higher. The Nikkei 225 fell 2.06 percent in early trade, while the Topix index was down 1.71 percent. South Korea’s Kospi index fell 1.66 percent, CNBC reported.

SGX Nifty

Trends on SGX Nifty indicate a negative opening for the broader index in India, a dip of 103 points or 0.98 percent. Nifty futures were trading around 10,615-level on the Singaporean Exchange.

Normal monsoon, steady crude prices can push India’s growth to over 8% in FY19: FM

The Indian economy’s growth can canter into an 8 percent-plus growth track if crude oil prices stay within manageable limits and the monsoon rains turn out to be normal this year, finance minister Arun Jaitley said.

“Some indicators, which are known as green shoots in the language of business, such as business confidence, PMI (purchase managers’ index), core (infrastructure) sector growth, are all good. We need to see what happens next,” Jaitley told News 18 Network in an exclusive interview.

RBI should refrain from hiking rates on Feb 7 policy: Assocham

The Reserve Bank should not “over-react” to high yield pressures in the bond market and refrain from hiking interest rates in its next monetary policy review on February 7, industry body Assocham said.

“Some of the macro indicators, including pegging of higher fiscal deficit of 3.3 percent for 2018-2019 and 3.5 percent of the GDP for the current fiscal, look difficult, but reaction of the bond market would ease out soon,” Assocham said in a post-Budget paper.

FPI inflows at $3.5bn in Jan on better earnings expectation

Foreign investors have pumped in a whopping USD 3.5 billion (over Rs 22,000 crore) into the country’s capital markets in January in anticipation of better corporate earnings and attractive yields.

According to depositories data, Foreign Portfolio Investors (FPIs) infused a net amount of Rs 13,781 crore in equities and Rs 8,473 crore in debt in January – translating into net inflows of Rs 22,254 crore (USD 3.5 billion).

LTCG tax kitty from stocks to double to Rs 40K cr in FY20: Hasmukh Adhia

The government hopes to double its revenue from long term capital gains (LTCG) tax on stocks to Rs 40,000 crore in 2019-20 as more share transactions come in its fold with the waning of the grandfathering effect, a top official has said.

Adhia said a huge Rs 3.67 lakh crore, as per the I-T returns filed for Assessment Year 2017-18, has been exempted from tax as it under the LTCG from listed shares.

Pro-Brexit MPs plotting to replace Theresa May: Report

Pro-Brexit lawmakers are plotting to topple Prime Minister Theresa May if she tries to keep Britain in the EU’s tariff-free customs union, media reports said ahead of crucial Cabinet meetings over Britain’s future relationship with the European Union later this week.

According to UK media reports, Conservative party MPs in favour of a complete break from the EU have threatened to submit a “tsunami” of letters demanding a vote of no confidence unless May backs their demand of a complete exit from the EU customs union.

Govt expects up to Rs 4,000 cr surplus fund from SEBI: DEA Secy

The government is eyeing Rs 3,000 -4000 crore surplus funds lying with markets regulator Sebi as part of exercise to mop up non-tax revenue to bridge the fiscal deficit gap, a senior official has said.

“They have run up into some surplus already. So, there is that should be kept in public account rather than banks. That is being discussed. That amount is not very large, it’s around Rs 3,000-4000 crore,” Economic Affairs Secretary S C Garg said.

Rupee crumbles to a two week low on fiscal deficit woes

The Indian rupee suffered an intense plunge and closed at a near two-week low of 64.06 against the US dollar after the government announced long-term capital gains (LTCG) tax on equities and widened its fiscal deficit target while unveiling the Union Budget.

The home currency plunged to a fresh one-month low of 64.20 on Thursday before ending at 64.06, showing a loss of 51 paise, or 0.80 percent.

The D-Street witnessed a volatile day as the index moved in a band of over 200-points on throughout the trading session on Thursday which led to a formation of a ‘High Wave’ kind of pattern on the daily candlestick charts.

The government reverted to fiscal consolidation roadmap with a target of 3.3 percent for 2018-2019 which was still higher than the analyst estimate of 3.2 percent.

The Nifty which opened at 11,044 which rose to an intraday high of 11,117.35. But, bears took control of D-Street and pushed the index below 13-DEMA to touch its intraday low of 10,878. The index closed near its 5-DEMA at 11,016, down 10 points.

India Union Budget 2018-19 Live: News, updates and highlights from FM Arun Jaitley’s Budget 2018 speech, announcementsAccording to Pivot charts, the key support level is placed at 10,891.37, followed by 10,765.83. If the index starts to move higher, key resistance levels to watch out are 11,129.87 and 11,242.83.

The Nifty Bank closed at 27,220.7. Important Pivot level, which will act as crucial support for the index, is placed at 26,973.5, followed by 26,726.3. On the upside, key resistance levels are placed at 27,540.7, followed by 27,860.7.

Stay tuned to Moneycontrol to find out what happens in currency and equity markets today. We have collated a list of important headlines from across news agencies.

Wall Street shares forfeit early gains as bond yields rise

Wall Street stocks gave up early gains on Thursday as bond yields rose and technology stocks retreated ahead of a host of high-profile earnings.

The Dow Jones Industrial Average rose 37.32 points, or 0.14 percent, to 26,186.71, the S&P 500 lost 1.83 points, or 0.06 percent, to 2,821.98 and the Nasdaq Composite dropped 25.62 points, or 0.35 percent, to 7,385.86, Reuters reported.

Most markets in Asia decline following rise in US bond yields

Asian shares came under pressure early on Friday after Wall Street closed mixed and yields on US government debt rose in the last session. Japan’s Nikkei 225 declined 0.75 percent after snapping a six-day losing streak in the previous session. The Kospi fell 0.96 percent as declines in blue chip tech names drove the index lower, CNBC reported.

SGX Nifty

Trends on SGX Nifty indicate a negative opening for the broader index in India, a dip of 118 points or 1.08 percent. Nifty futures were trading around 10,930-level on the Singaporean Exchange.

Budget 2018: FM’s booster dose for rural India, bitter pill for investors

FM announced a raft of farm-centric measures, including to raise the minimum support prices (MSP) for crops, allocated Rs 10,000 crore two special funds for fisheries and animal husbandry, that would benefit 500 million people and raised farm bank credit to Rs 11 lakh crore in 2018-19 from Rs 10 lakh crore this year.

He levied LTCG at 10 percent for investments over Rs 1 lakh. This triggered an immediate sell off in bourses, which could force a shuffle in stocks portfolio of many individuals and institutional funds and lowered the corporate income tax rates to 25 percent for all companies with a turnover of upto Rs 250 crore.

Budget 2018: Salaried class and investors left in the cold

Finance Minister reimposed the LTCG tax on stock trading. He levied LTCG at 10 percent for investments over Rs 1 lakh. This triggered an immediate sell off in bourses, which could force a shuffle in stocks portfolio of many individuals and institutional funds. Jaitley lowered the corporate income tax rates to 25 percent for all companies with a turnover of upto Rs 250 crore.

Jaitley brought back the concept of “standard deduction,” a base amount of Rs 40,000 that is not subject to tax in addition to the basic exemption limit, providing relief to every tax payer.

The annual tax exemption also remained unchanged at Rs 2.5 lakh. He also did not rejig tax slabs. He also raised education cess on all tax payers from three percent to four percent.

IMF welcomes fiscal budget targets set by Jaitley

The IMF on Thursday welcomed the fiscal targets set by Finance Minister Arun Jaitley in the annual budget proposals and noted that the economic survey released this week strikes a good balance with realistic forecast.

“We broadly shared the overall assessment of the state of the economy in particular the economic survey’s outlook of 6.7 percent in fiscal 2017-2018 and 7-7.5 percent in 2018-19,” William Murray, deputy spokesman, International Monetary Fund said.

Budget 2018: Rs 2.95 lakh crore allocated for defence

The defence budget was increased by 7.81 percent to Rs 2.95 lakh crore against last year’s Rs 2.74 lakh crore, belying expectations of a significant hike when the armed forces are facing growing challenge on the borders with both Pakistan and China.

Out of total allocation of Rs 2,95,511 crore for the defence budget, Rs 99,947 crore has been set aside for capital outlay to purchase of new weapons, aircraft, warships and other military hardware.

Govt to merge 3 PSU general insurers into one, list on bourses

Finance Minister Arun Jaitley on Thursday proposed to merge three public sector general insurance firms into one and list that entity on bourses. “Three public sector general insurance companies — National Insurance Co Ltd, United India Assurance Co Ltd and Oriental India Insurance Company — will be merged into a single insurance company and be subsequently listed.”

WHO welcomes announcement of govt-funded healthcare programme

The WHO on Thursday said they were “significant” steps towards Universal Health Coverage (UHC), something the global health body has been advocating for.

Regional Director of World Health Organization’s South- East Asia Region Poonam Khetrapal Singh commended the new schemes and initiatives planned to “holistically” address problems confronting the health sector.

No cut in telecom levies, stressed sector remains orphan: COAI

Telecom operators body COAI on Thursday expressed anguish at the Union Budget not addressing the industry’s key demands, such as cut in levies and taxes, and said the sector which is in deep financial stress “continues to remain an orphan”.

10-yr bonds fall as Budget 2018 sets larger deficit target of 3.3% for FY19

Indian bonds slumped on Thursday after the government set a slightly wider-than-expected budget deficit target for the next financial year, while shares clawed back earlier bigger losses as investors welcomed spending in key areas of the slowing economy.

Finance Minister Arun Jaitley set the government’s fiscal deficit at 3.3 percent of gross domestic product for the 2018/19 financial year, higher than market expectations of 3.2 percent.

Rupee crumbles 44 paise on LTCG tax, fiscal deficit woes

The rupee on Thursday plunged 44 paise to close at a near two-week low of 64.02 against the US dollar after the government announced long-term capital gains (LTCG) tax on equities and widened its fiscal deficit target while unveiling the Union Budget. This is the biggest one-day fall for the rupee since January 16.

Nearly 100 companies to  declare Q3 results today

As many as 97 companies are scheduled to report their results for quarter ended December which include names like 3M India, Aditya Birla Fashion, Aegis Logistics, BSE, Dalmia Bharat Sugar, Future Lifestyle Fashion, Gayatri Sugars, GSK Pharma, Godrej Properties, Gujarat Gas, Info Edge, Jindal Drilling and Industries, Mangalam Organics, MRPL, Mirza International, Tata Metaliks, Thomas Cook, Whirlpool and Inox Wind among others.

Galaxy Surfactants IPO subscribed 20 times last day

Galaxy Surfactants initial public offer was subscribed 19.97 times so far on the last day of bidding on Thursday. Its Rs 937-crore IPO received bids for 8,85,08,110 shares against the total issue size of 44,32,174 shares, NSE data showed.

The IPO is in a price band of Rs 1,470-1,480 per share. ICICI Securities, Edelweiss Financial Services and J M Financial Institutional Securities are managing the company’s issue.

Hindalco Q3 profit could rise 50%, Bajaj Auto Q3 profit seen up 14%

Hindalco Industries is likely to post a 50 percent rise in its December quarter net profit at Rs 480 crore against Rs 320 crore year on year, according to a poll of analysts by CNBC-TV18.

Bajaj Auto’s third quarter (October-December) profit is expected to increase 14.5 percent to Rs 1,058 crore, from Rs 924.6 crore in same quarter last year. Revenue from operations may grow 24 percent to Rs 6,251 crore from Rs 5,067 crore YoY, according to average of estimates of analysts polled by CNBC-TV18.bond

Finance minister Arun Jaitley introduced the much talked about long term capital gains tax (LTCG) on sale of listed securities on gains of over Rs1 lakh.

The move surprised D-Street as most analysts were factoring in a change in definition of ‘Long Term’ to 2 or 3 years from 1 year.

Jaitley, introduced a long-term capital gains tax of 10 percent if the gains exceed Rs 100,000 without allowing the benefit of indexation. However, all gains till 31st January 2018 will be grandfathered and short term capital gains remains unchanged at 15 percent.

India Union Budget 2018-19 Live: News, updates and highlights from FM Arun Jaitley’s Budget 2018 speech, announcements

For example, if the equity share is purchased 6 months before 31st January 2018 at Rs100 and the highest price quoted on 31st Jan is Rs120. There will be no tax on the sale, if the stock is sold after 1 year.

However, any gains in excess of Rs20 earned after 31st Jan 2018 will be taxed at 10 percent if this share is sold after 31st July 2018.

“The much-anticipated introduction of LTCG is now back with a new avatar. As we know in tax legislation, this could only get worse over a period of time with every successive budget diluting the original commitment of taxing long-term gains,” Milind Kothari, Managing Partner, BDO India.

Long-term capital gains were made tax exempt in 2004. The move to exempt capital gains tax on stock trading was aimed at aligning rules with major investment source destinations such as Mauritius.

The widened definition of long-term could, however, spark a major portfolio overhaul of domestic and foreign institutional investors who move around their portfolio many times in three years seeking higher returns. These investment decisions are backed by research that generally tracks a 52-week return history.

Here is how D-Street reacted.

Gaurav Dua, Head of Research, Sharekhan

He said that the proposal to levy long term capital gains tax on equities at the rate of 10% is a negative surprise but not the limited rate with grandfathering of purchases up to Jan 31, 2018 would mitigate the adverse impact to a large extent.

“Overall, we believe that the focus would revert to corporate earnings with little impact of Union Budget on bond yields and equity markets,” he said.In 2016, India signed amended double-tax avoidance agreements (DTAAs) with Mauritius, Singapore and Cyprus.

Jayant Manglik, President- Religare Broking Ltd

“A good last budget before the elections though the fiscal deficit at 3.5% was definitely higher than expected. The rural & farmer focus was expected and necessary. Other than a kneejerk reaction, equity market will not be impacted in the medium and the long term as it is still the only real investment opportunity available. FII investments may be affected in the short run as the issue of tax compliance come up which increases operational cost. Likewise mutual funds may see a brief impact but the grandfathering till the 31st January helps. The real disappointment was the continuation of STT along with Itcg, logically only one should be there.”

Nilesh Shetty, Associate Fund Manager-Equity Funds

From an equity market perspective the reintroduction of Long Term Capital Gains Tax (LTCG) is a big negative. Security Transaction tax (STT) was introduced for its simplicity of collection and assured revenues. With the reintroduction of LTCG and collection of STT equities are bearing the brunt of both taxes together. The fiscal deficit number at 3.3% looks marginally higher than estimates which could disappoint the bond markets.

Anil Rego, Founder and CEO, Right Horizons

LTCG introduction @10% on equity is a negative without removal of STT. Would have preferred increasing STT or increasing the tenure (to say 2 years), rather than change the tax rate; so as to reward long term investing.

Dhiraj Relli, MD & CEO at HDFC Securities

“LTCG exemption was an attraction for new investors into equity/equity mutual funds and brought funds from other low paying avenues. Rising interest rates domestically and tax on LTCG could result in minor reversal of this trend. Reaction of FPIs and the bond markets locally to the 3.3% fiscal deficit proposed in FY19 will be keenly watched in the background of rising rates abroad.”

By Aditya Agarwala

The Nifty50 Index continued to ascend following an extended weekend adding a total of 5 percent in the month of January so far. Further, the ongoing impulse wave 3 can extend up to 11,390 being 161.8% extension of the wave 1 (i.e. 6833-8995).

The immediate resistance on the upside is placed in the range of 11,200-11,250, and a sustained trade above 11,250 can take it to levels of 11,390.

Moreover, the relative strength index (RSI) has started forming a negative divergence on the daily chart suggesting that the uptrend is maturing gradually.

Failure to cross 11,250 can lead to minor profit booking dragging the Index lower to levels of 10,810-10,725 being 50% & 61.8% Fibonacci retracement levels respectively.

The Bank Nifty is also approaching upper end of a rising channel placed at 27900, following a massive gain of 7 percent in the month so far.

Failure to cross this resistance can lead to profit booking dragging it lower to levels of 26,840-26,595. However, a sustained trade above 27,900 can extend the up move to levels of 28,990.

Here is a list of three stocks which can give up to 26% return in the next 3-4 weeks:

Take Solutions Ltd: BUY| Target Rs200| Stop Loss Rs149| Return 18%

On the weekly chart, Take Solutions Ltd. (TAKE) is on the verge of a breakout from an Ascending Triangle pattern suggesting the start of a bull trend on the cards. A sustained trade above Rs 180 i.e. neckline of the pattern with healthy volumes may trigger a bullish breakout.

On the daily chart, the stock is consolidating sideways after taking support at 61.8% Fibonacci retracement level. A sustained trade above Rs 178 will trigger a bullish breakout.

RSI has formed a positive divergence with respect to price after taking support at the 40 level. The stock may be bought in the range of Rs 166-170 for the target of Rs 190-200, and keeping a stop loss below Rs 149.

Mangalam Cement Ltd: BUY| Target Rs490| Stop Loss Rs375| Return 19%

On the weekly chart, Mangalam Cement Ltd. is in a throwback mode following its breakout from a Triangle pattern. Neckline support of the pattern is at Rs 390; sustained trade above the neckline with healthy volumes can resume the uptrend.

On the daily chart, the stock is approaching 61.8% Fibonacci retracement support level placed at Rs 396. A sustained trade above this support can take the stock higher.

RSI has turned upwards breaking out of the upper band of the Bollinger Bands suggesting higher levels in the coming trading sessions. The stock may be bought in the range of Rs 405-415 for targets of Rs 460-490, keeping a stop loss below Rs 375.

J. Kumar Infraprojects Ltd: BUY| Target Rs400| Stop Loss Rs288| Return 26%

On the weekly chart, J. Kumar Infraprojects Ltd is in a throwback mode to test the trend line support placed at Rs 280 levels. A sustained trade above Rs 280 can resume the uptrend taking the stock higher.

On the daily chart, it has taken support at the lower end of the channel and turned upwards affirming the bullishness.

Further, RSI has also broken down from the lower Bollinger band suggesting lower levels. The stock may be sold in the range of Rs 310-320 for targets of Rs 365-400, keeping a stop loss below Rs 288.

Disclaimer: The author is Technical Analyst, YES Securities (I) Ltd. The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Bull’s Eye, CNBC-TV18’s popular game show, where market experts come together to dish out trading strategies for you to make your week more exciting and compete with each other to see whose portfolio is the strongest.

Remember these are midcap ideas not just for the day, but stocks that look attractive in the medium-term as well.

This week, Gaurav Ratnaparkhi, Shahina Mukadam and Vishal Malkan battle it out for top honours.

Below their top stock picks and analysis:

Gaurav Ratnaparkhi of Sharekhan

Buy MRPL with a stoploss at Rs 126 and target of Rs 134.50

Buy Jet Airways with a stoploss at Rs 744 and target of Rs 795

Sell IDFC Bank Future with a stoploss at Rs 58.80 and target of Rs 55

Sell Voltas Future with a stoploss at Rs 624 and target of Rs 585

Shahina Mukadam, Independent Market Expert

Buy Hindustan Zinc with a stoploss at Rs 298 and target of Rs 330

Buy Prism Cement with a stoploss at Rs 128 and target of Rs 147

Sell Godrej Industries with a stoploss at Rs 625 and target of Rs 590

Sell L&T Finance Holdings with a stoploss at Rs 180 and target of Rs 168

Vishal Malkan of malkansview.com

Buy Mphasis with a stoploss at Rs 870 and target of Rs 970

Buy Polaris with a stoploss at Rs 395 and target of Rs 445

Buy Hexaware with a stoploss at Rs 372 and target of Rs 420

Indian market saw profit booking after rising for 5 out of 6 trading sessions ahead of the big event, ‘Budget 2018’. The index formed a Bearish Belt Hold kind of pattern on the daily candlestick charts which suggest caution for traders.

The index formed a Bearish Belt Hold kind of pattern after a small bullish candle which suggests that the momentum is slowing down. Investors should tread with caution in the run-up to the budget and maintain a strict stop loss below 10896.

A ‘Bearish Belt Hold’ pattern is formed when the opening price becomes the highest point of the trading day (intraday high) and the index declines throughout the trading day making up for the large body. The candle will either have a small or no upper shadow and small lower shadow.

In Tuesday’s price action, Nifty50 opened at 11,120.85 and rose marginally to 11,121.10. The bears took control of D-Street in morning trade and pushed the index below its 5-days exponential moving average (DEMA). The Nifty slipped to an intraday low of 11,033 before it closing 80 points lower at 11,049.65.

“The Nifty formed a Bearish Belt Hold candle on the daily chart and closed the session with the loss of around 80 points. It wiped out the gains of last three sessions but still holding above psychological 11,000-mark,” Chandan Taparia, Derivatives, and Technical Analyst at Motilal Oswal Securities told Moneycontrol.

“Now, Nifty has to cross and hold above 11111 zones to extend its move towards 11170 then 11250 levels while on the downside support exists at 10990 then 10888 levels,” he said.

India VIX fell down by 8.24 percent at 16.41. The sudden decline in VIX has hurt the option premium ahead of Union Budget. However, if VIX cools down then it would be a positive sign for the market to hold the lower supports, suggest experts.

We have collated the top fifteen data points to help you spot profitable trade:

Key Support & Resistance Level for Nifty:

The Nifty closed at 11,049.7 on Tuesday. According to Pivot charts, the key support level is placed at 11,015.37, followed by 10,981.03. If the index starts to move higher, key resistance levels to watch out are 11,102.57 and 11,155.43.

Nifty Bank:

The Nifty Bank closed at 27,269.1. Important Pivot level, which will act as crucial support for the index, is placed at 27,184.07, followed by 27,099.03. On the upside, key resistance levels are placed at 27,412.17, followed by 27,555.23.

Call Options Data:

Maximum call open interest (OI) of 29.68 lakh contracts stands at strike price 11,500, which will be a crucial base for the January series, followed by 11,000, which now holds 27.99 lakh contracts in open interest, and 11,200, which has accumulated 24.06 lakh contracts in OI.

Call writing was seen at the strike price of 11,500, which saw the addition of 4.98 lakh contracts along with 11,300, which added 4.62 lakh contracts, along with 11,100, which saw the addition of 3.21 lakh contracts.

Call unwinding was seen at strike price of 10,800, which shed 1.01 lakh contracts, followed by 10,500, which shed 0.65 lakh contracts.

Put Options Data:

Maximum put OI of 54.01 lakh contracts was seen at strike price 10,500, which will act as a crucial base for January series, followed by 11,000, which now holds 37.6 lakh contracts and 10,700 which has now accumulated 34.46 lakh contracts in open interest.

Maximum Put writing was seen at the strike price of 10,700, which saw the addition of 7.09 lakh contracts, followed by 11,000, which added 3.6 lakh contracts and 10,500, which added 2.55 lakh contracts.

Put unwinding seen the most at strike price of 10,800, which shed 2.08 lakh contracts.

FII & DII Data:

Foreign institutional investors (FIIs) sold shares worth Rs 105.56 crore, while domestic institutional investors (DIIs) sold shares worth Rs 281.65 crore in the Indian equity market, as per provisional data available on the NSE.

Fund Flow Picture:

Stocks with high delivery percentage:

High delivery percentage suggests that investors are accepting the delivery of the stock, which means that investors are bullish on the stock.

37 stocks saw long build-up:

28 stocks saw short covering:

A decrease in open interest along with an increase in price mostly indicates short covering.

119 stocks saw short build-up:

An increase in open interest along with a decrease in price mostly indicates short positions being built up.

27 stocks saw long unwinding:

Long unwinding happens when there is a decrease in OI as well as in price.

Bulk Deals:

Bhushan Steel: EARC Trust SC 283 sold 1,253,459 shares at Rs 51.51 per share

Himatsingka Seide: Anuradha Himatsingka bought 746,000 shares at Rs 355 per share

KPIT Cummins Infosystems: Alphagrep Commodities Private Limited bought 11,51,890 shares at Rs 215.86 per share

Religare Enterprises: Minesh Jormalbhai Mehta sold 10,00,000 shares at Rs 45.17 per share

(For more bulk deals click here: https://goo.gl/qrXHCH)

Analyst or Board Meet/Briefings:

Aditya Birla Fashion and Retail: The company will be hosting analysts’ call on February 2, 2018.

The management of Arvind Limited will hold a conference call to discuss financial results on January 31, 2018.

Stocks in news:

Mahindra & Mahindra: The company has purchased 26% of the Share Capital of M.I.T.R.A. Agro Equipments Private Limited.

Deepak Nitrite raised around Rs 149 crore from qualified institutional placement.Videocon Industries: To Challenge NCLT Proceedings Against Itself

MCX: SEBI disposes off cases against founders without penalty

InterGlobe: Former Jet Airways CEO Wolfgang Prock-Schauer To Join IndiGo As COO

Idea Cellular: Gets shareholders’ nod for issue of shares via QIP.

2 stocks under ban period on NSE

Security in ban period for the next trade date under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.

The security which are banned for trading are JP Associates and Wockhardt.

Ashish ChaturmohtaSanctum Wealth ManagementAfter a long weekend, the market saw a positive start to the week with Nifty50 closing at yet another record high of 11,130 levels with 0.55 percent gain on Monday.

Last week, index gave a breakout above the psychological level of 11,000 with a gap and since then managed to sustain above it, indicating strong bullish bias.

But, the broader market has been trading in contrast to Nifty with Mid and Small cap space seeing a good correction. Thus, the rally has been stock specific and confined to frontline stocks.

Immediate support for the index is seen at 11,000-10,970 levels, holding above these levels index is likely to rally towards 11,360-11,400 levels on the upside.

In Put, Nifty options 10,800 to 11,000 strikes witnessed open interest (IO) addition suggesting base moving higher for the market while maximum OI stood at 10,500.

The Nifty option Put/Call ratio (PCR) of open interest (IO) has seen cooling off from an extreme high of 1.89 post-January expiry to 1.44 levels currently.

India VIX has moved up from 14 levels to 17.89 levels in anticipation of Budget this week as the market may see volatility later in the week.

Here is a list of top 5 stocks which could give up to 10% return in the short term:

Bajaj Auto Ltd: CMP 3364| Stop loss 3290| Target 3650| Return 9%

The stock is in a long-term uptrend forming the higher top and higher bottom formation. For the last three months, the stock has been consolidating broadly in a range of 3380 and 3140 levels.

This consolidation has been above the previous pivotal high of 3120 indicating buying coming in at higher levels. The MACD on the daily charts has moved above neutral level of zero and the stock is likely to see a breakout on the upside.

Thus, the stock can be bought at current levels and on dips to 3335 with a stop loss below 3290 for a target of 3650 levels.

Zee Entertainment Ltd: BUY| CMP 609| Stop loss 593| Target 660| Return 8%

The stock hit a high of 590 in October 2016 and since then it has been trading below it to form a base for the next leg of the rally. A couple of weeks back, the stock witnessed a breakout above this pivotal high of 590 with high volumes indicating buying participation in the stock.

Since then, the stock has been consolidating above breakout level of 590 and sustaining above it. Relative strength index or RSI and Stochastic indicators have given a positive crossover with their respective averages suggesting a change in momentum and the stock is likely to see a breakout on the upside after recent consolidation.

The stock can be bought at current levels and on dips to 600 for a target of 658 levels which is the previous all-time high for the stock. Price has been taking support at 20-days moving average (DMA) which comes at 593 levels, and a stop loss can be placed below this average on a closing basis for long positions.

Tata Steel Ltd: BUY| CMP 783| Stop loss 760| Target 840| Return 7%

The stock is in a strong long-term uptrend forming a higher top and higher bottom formation. The rally had stalled in the month of November and December after hitting high of 735 as it faced resistance at a multi year high of 739 levels.

Post two-month consolidation price gave a breakout above 739 in early January to hit a high of 793. Post breakout, the price is sustaining above the previous highs and the volumes have also seen decline indicating market participants holding on their long positions in the stock.

In the last few trading sessions, positive price action has been witnessed accompanied by volumes suggesting the stock is likely to see resume its uptrend after short-term consolidation.

Thus, the stock can be bought at current levels and on dips to 775 with a stop loss below 760 for target 840 levels.

Mahindra & Mahindra Ltd: BUY| CMP 764| Stop loss 740| Target 840| Return 10%

Looking at the long-term chart, the stock has seen multiyear consolidation between 750 and 545 levels since August 2014.

Recently, the stock gave breakout from this consolidation with high volumes indicating strong buying participation in the stock.

Since then volumes have been below average as the stock went into a consolidation zone. The stock is currently witnessing consolidation at all-time highs and above its breakout levels suggesting a breakout is likely to sustain.

Thus, the stock can be bought at current levels and on dips to 755 with a stop loss of 740 for a target 900 levels.

IndusInd Bank Ltd: BUY| CMP 1743| Stop loss 1700| Target 1850| Return 6%

The stock is in a long-term uptrend forming a higher top and higher bottom formation. The stock hit a high of 1804 in last September and then corrected down to 1572 levels.

It has seen consolidation at lower levels and this month stock has started to see upward movement. Thus, leading to saucer bottom formation in the stock.

MACD on the weekly chart has given positive crossover with its average indicating correction is over and the stock is resuming its uptrend. Thus, the stock is a buy at current levels and on dips to 1725 with a stop loss of 1700 for target 1850 levels.

Disclaimer: The author is Head of Technicals and Derivatives, Sanctum Wealth Management. The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

After a historic week, Indian market saw a blockbuster opening on Monday which took the Nifty50 to record high of 11,148.25 in morning trade. Tracking the momentum, the Nifty Bank and the S&P BSE Sensex rose to a fresh record high of 27,635.65 and 36,356.99 respectively.

Indian market closed the week on a high note, up 1.6 percent for the week ended January 25, ahead of the crucial Budget week which most experts think could belong to the bulls again.

The index is likely to clock fresh highs in the Budget week fuelled by further short coverings as well as strong global cues. Investors are advised to remain long on the index with a strict trailing stoploss around 11,000 which is a key support for the index.

However, in the budget week, analysts advise investors to remain stock specific and focus less on the index which is likely to remain volatile. One should look to buy the stocks from the sectors which have shown a lot of expectation buildup for the forthcoming budget.

“Sectors which are bullish on their long-term charts and have witnessed outperformance viz., sectors like cement, infrastructure, FMCG, and automobiles are likely to exhibit bullishness ahead of budget as the near/short term charts are sustaining above breakout levels could be in action ahead of the Budget,” Rajesh Palviya, Head – Technical & Derivatives Analyst, Axis Securities told Moneycontrol.

The market looks little nervous ahead of budget especially on long term capital gains (LTCG) front and fiscal consolidation roadmap which could fuel some profit taking either ahead of post Budget session.

“Most of the midcap stocks have witnessed profit booking and midcap index has corrected significantly ahead of budget. We feel the index is likely to hold the ground on the higher side till budget unfolds and Nifty is likely to scale up towards 11,200-11,300 in the pre-budget rally,” said Palviya.

The Nifty successfully managed to defend its important milestone of 11,000 on a weekly basis. Abundant liquidity and strong global cues supported the sentiment on the Street.

Of late, we saw tremendous optimism in our market and hence, the index kept marching higher to conquer many important junctions. “However, since the last couple of days, we can see some respite in the market as the index hastened towards its crucial near-term point of 11,100 before anyone could realise it,” Sameet Chavan, Chief Analyst, Technicals & Derivatives at Angel Broking told Moneycontrol.

“Traders should look to take some money off the table ahead of the major event (Budget). Last year, trading before the budget was quite easy as compared to the current one; but now, low hanging fruit is already gone and hence, it would be a daunting task finding good trade setups,” he said.

Here is a list of ten trading ideas based on technical parameters to buy ahead of the Budget which could give up to 24 percent return in the short term:

Analyst: Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in

Sun Pharma: BUY| Target Rs650| Stop Loss Rs567| Return 12%

This counter appears to be on the verge of a breakout above its three old downward sloping channel. A sustainable close above 600 can signal the end of its prolonged downtrend which can kick in a medium-term uptrend in this counter.

Hence, in anticipation of such a breakout, traders should go long for the initial targets placed at Rs650 with a stop below Rs567 on closing basis.

Tata Elxsi: BUY| Target Rs1190| Stop Loss Rs1000| Return 9.4%

This counter registered a breakout above its three-month-old ascending channel which should accelerate its upmove further towards its lifetime highs of Rs1200.

Considering the volatile nature of this counter, traders should adopt a two-pronged strategy of buying now and on declines around Rs1030 if available at those levels. A stop for the trade should be placed below Rs1000 on a closing basis for an initial target of Rs1,190.

Reliance Industries: BUY| Target Rs1020| Stop Loss Rs934| Return 6%

This counter appears to be in a multi-week corrective and consolidation phase after hitting a lifetime high of Rs957 in last October.

Hence, a current breakout above this high couple of days back with a gap up is encountered with selling pressure. However, as strong support is placed in the zone of Rs940-934, one should make use of the current weakness and go long as it will sooner than latter registers a sustainable breakout above 960 with a target of 1020. A stop for the trade should be a close below 934.

Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.

Analyst: Sameet Chavan, Chief Analyst, Technicals & Derivatives at Angel Broking

Majesco: BUY| Target Rs702| Stop Loss Rs481| Return 24%

The stock has been maintaining its sturdy structure ever since we witnessed a trend reversal around 400 in the month of September 2017.

Recently, there was a breakout seen from the congestion zone around Rs560 along with significantly higher volumes. This development confirmed a ‘Bullish Flag’ pattern on the weekly chart and thereby projecting much higher levels in months to come.

Thus, we recommend buying this stock for a target of Rs.702. The stop loss should be fixed at Rs. 481.

ITC: BUY| Target Rs304| Stop Loss Rs258| Return 8%

After taking a strong knock during the midst of the July month, this stock slipped into a consolidation mode and has contributed nothing in the gigantic rally our markets experienced meanwhile.

Now, looking at past couple of weeks’ price action, it appears that the stock is out of its ‘Sleep Mode’ and poised for a decent up move.

The strong base building process has already been done around 250 – 260 and unless we don’t see any unfavorable outcome from the budget (excised duty on cigarettes), this stock is likely to do well in coming weeks.

Considering it’s over sensitiveness to this announcement, traders are advised to follow strict stop loss at Rs.258 for any long positions. One can look to buy around Rs.275 for a target of Rs.304.

Analyst: Aditya Agarwal, Head Technical Research, Way2Wealth Brokers Pvt. Ltd

LIC Housing Finance: Buy at CMP 559| Target Rs627| Stop loss Rs535| Timeframe 15 to 21 sessions| Return 12%

Looking at the daily chart, the stock has formed a strong base near 540 – 535 zone and due to recent consolidation stock formed inverse head & shoulder pattern on daily chart.

The daily RSI (14) has signaled a probable range shift. Hence, we recommend traders to buy this stock at current level off Rs565 with a price target of Rs627. A Stop loss should be placed at Rs535 on a daily closing basis.

Motherson Sumi Systems Ltd: Sell around Rs370 – 375| Target Rs340| Stop loss Rs389| Time frame 15 to 21 trading sessions| Return 8%

Looking at the daily chart, the stock has been in a long-protracted uptrend since past several months and in that optimism, the stock hit a fresh all-time high of around Rs396.

Subsequently, stock saw mild profit booking which was followed by consolidation. As a result, the stock is forming a triangle pattern. The daily RSI (14) is struggling to cross 60 levels which doesn’t bode well for bulls.

Also, we are observing three-point bearish divergences on the weekly chart. Hence, we advocate traders to go short in this stock around Rs370-375 with a price target of Rs340 and a stop loss placed above Rs389.

Suven Life Sciences: Buy above Rs223| Target Rs268| Stop loss Rs196| Time frame 15 to 21 trading session| Return 24%

Looking at the weekly chart, the stock has confirmed its breakout from downward sloping trend line during mid-October 2017 which triggered a fresh buying interest.

In that optimism, the stock rallied towards 230. Subsequently, stock witnessed profit booking which led to gradual correction followed by consolidation.

Now, the daily chart has formed a Bullish Cup & handle pattern and the formation of handle formation is in process. The said pattern will be confirmed once stock breaches the Rs223 levels.

In that case, we expect an acceleration of bullish momentum and stock likely to rally towards Rs268. A stop loss should be placed below Rs196.

Analyst: Rajesh Palviya, Head – Technical & Derivatives Analyst, Axis Securities

Adani Ports: CMP Rs436| Target Rs460-470| Stop Loss Rs418| Time 8-15 days| Return 7.8%

The stock has witnessed the breakout of symmetrical triangle pattern breakout on weekly chart at427 level. The stock was consolidating in range of 380-425 range since last three months.

The breakout of the Triangle pattern suggests stock can move towards 460-470 level in the short term. The stock is sustaining above all its important moving averages which support bullish sentiment ahead.

The weekly and the daily strength indicators are in positive territory which indicates the bullish trend to continue in short term.

Vedanta Ltd: CMP Rs345.4| Target Rs370-376| Stop Loss Rs325| Time 8-15 days| Return 9%

The most prominent observation on the price chart of Vedanta is that the entire consolidation underway since November 2017 till date has formed a Cup and Handle formation.

The breakout of this formation is witnessed at 345 levels on the daily chart. The stock is sustaining above its 20, 50, 100 & 200 day SMA which supports bullish sentiments ahead.

On the volumes front, the stock has witnessed a significant rise in breakout level indicating increased participation on the rally.

Both weekly & monthly strength indicator RSI is in bullish territory and sustaining above their reference lines which signals strength and upward momentum in price. Thus, taking into consideration the above factors, the maximum upside can be expected to 370-376.

Disclaimer: The views and investment tips are expressed by the investment experts on moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.