What is your perspective as far as markets go? What is your perspective as far as Bank Nifty goes?
The view is a little bit cautious on the Nifty side because Nifty has got stuck within the range of 200 points i.e 18,000 to 18,200 levels. A breakout on either side will decide the clear trend of the market. As of now it is just struggling near 18,100 levels.
I believe we will again retest 18,000 support and if it breaks down to that level, then 18,800, 18,700 levels will get open on the Nifty.
So my view is cautious because on every higher side we are facing a strong resistance. Coming towards the Bank Nifty, as of now till the time the Bank Nifty is holding its strength on the higher side it is facing a very strong resistance at around 42,800 to 42,600 levels. If it surpasses that level on the closing basis, then definitely 43,000, 43,200 levels can be seen on the higher side. It will be Bank Nifty who might give support to the Nifty. We might see some positive move from the Bank Nifty but I believe this is the stock specific market because every day we are getting to see the sector-wise rotation. So one should more concentrate into the stock specific trading rather than Nifty or the Bank Nifty because the market will remain volatile for the coming few trading sessions.
What do you think about stocks or sectors which one can go into? Do you have any ideas for our viewers?
I would like to recommend two buy calls, one will be
Limited. This particular counter is just trading in a very strong way. It is moving in the pattern of the higher tops, higher bottom formation well settled above all the important moving averages and even in this kind of a market also this particular counter is showing strength to quote a new 52-week high. So I believe one should take a long position at the current market price. Currently the stock is trading at 87.5 so one can take a long position at CMP, stop loss can be kept at 86 level. I believe a new high will be quoted at around 93 to 95 levels. This is my first call.
My second buy call is on
. This particular counter is also showing a very positive momentum from last four to five trading sessions. It is just well placed about 20 DMA. It has a strong potential to mark at least 365 to 370 levels. So one can take a long position into Rites, at the current market price and the stop loss should be kept at 335, for immediate target of 365.
Sectoral-wise if you are asking me, then I believe that one should go for IT as of now because it has already shown a correction.
really looks good, not 100% but at least one can go for at least 20-30% accumulation into the IT pack. I am recommending Tech Mahindra, this particular counter is just trading at around 1050 levels so one can go for a long position at the current market price. We are likely to witness a pullback rally into the IT sector or say the Tech Mahindra towards 1150 to 1200 levels. So one can take a look into this particular counter.
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