What is your take on the market? Is it still a buy on dips or maybe we will consolidate and there could be a bit of slide?
We have seen that there has been a very strong support of 18500 on the Nifty so this has been a sacrosanct demand zone from where onwards we are witnessing a buy on dip and a sell on the rise in the market.
As of now the view remains that markets are in a consolidation phase because Nifty is having a very stiff resistance around 15750.
But looking at today’s momentum especially in Bank Nifty we may witness some kind of a strong momentum in the coming period.
If you want to get stock specific and talk about what are the trades that our viewers can execute, what is your recommendation?
The first one is from the FMCG pack.
is looking very promising as of now. We have witnessed a flag and pendant kind of a pattern breakout in Dabur because from the past two weeks there has been a strong surge in the stock from the approximate level of 560 till the levels of 600 and from yesterday we are witnessing the bullish gap up move in this counter. So we are expecting Dabur to reach towards the level of 635 in a very short term timeframe and for the short term traders it is advisable to keep a stop loss of 584 which is the consolidation zone before the breakup. So Dabur is looking very promising as of now.
The second counter is from the BFSI sector that is Chola Finance. Chola Finance today has seen some kind of traction once it has surpassed the sloping trend line approximately near about 740 levels. So from here onwards we can see that the previous swing high of near about 770 could be retested in this counter in the short term basis. So it is looking very promising as of now. The short term traders should keep a stop loss of the strong support place near 724.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
