q1 results: Market Trading Guide: Tata Chemicals among 4 stock recommendations for Monday – Stock Ideas

In a major relief to the investors on Dalal Street, the benchmark indices settled higher for the third straight week. The Sensex advanced 303 points to 54,482. Its broader peer, Nifty50, added 88 points to close above the 16,200-mark. For the week, the index advanced 3 per cent, its biggest weekly gain since May 20.

“Bulls seem to be tightening their grip on the markets as we saw a remarkable recovery during the week. Nifty spot not only reclaimed the 16,000 mark but also closed above the major hurdle of 16,200,” said Mehul Kothari, AVP, Technical Research, Anand Rathi Shares & Stock Brokers.

“Since the index has closed well above the 16,200 mark, which has been the gap area on the daily time frame, we expect further upside towards 16,400 – 16,500. However, the upside journey might not be that easy since there are multiple hurdles in the range of 16,500/16,800. At this point, the Nifty is hovering near the 100% extension of the previous move. In addition, we have 78.6% retracement of the previous fall at the 16,450 mark and that is accompanied by the placement of the Span A hurdle of Ichimoku. Thus, for the coming week, we do not expect a one-sided move in the market and continue to remain cautious. We advise traders to keep booking short-term profits at higher levels. On the downside, 16,000 would be an important support for the short term, and a breach of the same might bring in nervousness back to our markets,” he added.

Here are the top four stock recommendations which analysts suggest: