Vinay Rajani of HDFC Sec suggests these 3 ETFs to buy in the near-term
At 14:49 IST, The Nifty 50 index was trading at 25,426 . 15, down by 34.50 points or 0.14% while the BSE Sensex was trading at 83,322.84, down by 104.46 points or 0. 13%.
Vinay Rajani from HDFC Securities points out that a notable resistance zone for the Nifty 50 exists between 25,600 and 25,670; a clear break above this range could revive bullish momentum. Rajani recommends 3 exchange traded funds (ETFs) to buy in the near-term. Check out his views on the overall market.
Despite a recent phase of profit booking that led to minor losses, the Nifty 50's primary uptrend remains firmly intact, with the index continuing to hold above all its key moving averages. A significant resistance band for the Nifty 50 is identified between 25,600 and 25,670; a decisive breakthrough above this level could reignite bullish momentum, potentially driving the index towards a new all-time high.
On the downside, immediate support levels for the Nifty 50 are observed at 25,317 and 25,222, while a crucial positional support stands at 25,000, below which long trading positions should be re-evaluated. The Bank Nifty has also experienced a profit-booking phase over the past few sessions, finding support within the 56,000-56,200 band, with resistance levels noted between 57,700 and 58,000.
Encouragingly, the NSE500 index recently found support at its long-term upward-sloping trend line and bounced back, a positive sign for the broader market. Both the NSE Microcap250 and Small cap indices successfully maintained their uptrends throughout the week.
The high percentage of stocks in the NSE500 trading above their 50, 100, and 200-Day Moving Averages further indicates a healthy and robust bull market.
The technical setup across developed, Asian, and Emerging Markets is distinctly bullish. Historically, July has been the best-performing month for the Nifty 50 over the last decade, a pattern that also extends to the IT index. Furthermore, the ratio chart of IT versus Nifty 50 suggests strong prospects for a bullish reversal in the IT sector.
Favourable external factors, such as lower crude oil prices, are expected to benefit Indian market sentiments, and a Dollar Index trading at a 2.5-year low creates a highly conducive environment for emerging equity markets like India.
FMCG sector seems to have bottomed out as many largecap FMCG stocks have turned bullish on the short term charts. FMCG is one of the sectors which has underperformed Nifty 50 in this calendar year. We can expect mean reversion by outperformance from FMCG sector going forward. We recommend going long in ICICI Prudential Nifty FMCG ETF for utilizing our bullish view on FMCG sector.
NSE consumption index has been in a bullish trend with higher tops and higher bottoms. Many consumption stocks which belong to Telecom, FMCG and Auto are having majority of the weight in this index. The Index is placed above all key moving averages. We recommend going long in ICICI Prudential Nifty India Consumption ETF for utilizing our bullish view on consumption sector.
Historically, July has been the best-performing month for the IT index over the last decade. Furthermore, the ratio chart of IT versus Nifty 50 suggests strong prospects for a bullish reversal in the IT sector. We recommend going long in Nippon India ETF Nifty IT, for utilizing our bullish view on IT sector.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
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