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While we see four straight days of gain, from January 15 to Feb 15, in the one-month period, markets have continued to remain range-bound in a thousand-point range from 21,100 to 22,100. Do you expect the market to break this range anytime soon going forward?
Nagaraj Shetti: Yes, recently, the market has been in an uptrend. We have seen the formation of higher bottoms and Nifty repeatedly testing the crucial upward resistance of 22,100-22,150 levels. I am expecting this upside momentum to continue for the short term. Again, Nifty could make a new all-time high somewhere around 22,100 to 22,150 levels before showing a downward correction, small downward correction or a consolidation at the higher levels. At this point of time, the short-term trend for Nifty remains up.
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By February series end, you are expecting Nifty to break beyond the earlier highs of 22,100-22,150?
Nagaraj Shetti: Yes, eventually. Currently the market is in a range-bound action and at the higher levels, 22,100-22,150 is going to be a strong resistance. Eventually, that hurdle is going to be taken out on the upper side in the near term, probably in the next one month and Nifty could eventually move higher towards the 23,000-23,500 level, that is far away from here. And right now, we are in uptrend and the long-term trend of Nifty remains intact and we are likely to head higher above the 22,100-22,150 marks over the period of time.
Nifty Pharma is buzzing in trade today and particularly it has been led by Natco Pharma and Glenmark. Both the stocks are up anywhere between 10% to 15% odd. Any views on the index and these two stocks specifically?
Nagaraj Shetti: Nifty Pharma was consolidating recently after a sharp up move and recently, during today’s session we have seen some good amount of upside breakout for this stock and the stock mentioned, the last two stocks you have mentioned, both are looking positive. They are in upside, the verge of breaking above the important resistance. The trend is likely to continue for short term for both the stocks.
When it comes to PSU stocks, there were a couple of notes in the morning as well which were bullish on the oil marketing companies and banks. But in the PSU space, is there any sector where you see more value or expect upward momentum to continue?
Nagaraj Shetti: Yes, PSU has moved up sharply, but the momentum is still there on the upside. We have seen some good amount of correction in PSUs. The sector has regained its upside momentum from the higher bottom, that trend remains intact for the PSU banks. I am expecting some more upside in the PSU banking segments. And the second one is IT. IT is the sector, it was showing a consolidation recently and moving up currently. I am looking forward to this sector moving up in the short term.
What would be your top picks for the day?
Nagaraj Shetti: I have two stock picks. First one is AB Capital. Aditya Birla Capital, the long-term chart remains intact. What we have seen in the last week, the decisive upside breakout of the downsloping trendline around 175-180 levels. After that, this stock went into a small consolidation in the next two sessions and moved up again. The overall chart pattern is looking positive, currently trading around 187-187.50. The target would be around 196-197. One can place a stop loss of around 180-181. And the second is the Castrol India. Castrol India has been in a sharp uptrend over the last few months and after the consolidation of the last week, it has moved up in the last two sessions and looking very positive on the front and overall chart pattern volume and RSI is looking positive, currently trading around 208 levels and one can look to buy for a short term for the target of around Rs 220-222 levels. One can place a stop loss of Rs 200.
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