What is your outlook for the markets going ahead? Also, what are your top stock picks?
Since the last two days Nifty has not been really doing very well but the Bank Nifty has outperformed the Nifty. We are witnessing that the Nifty is facing a very strong resistance at around 18,700 levels but somehow it has managed to take the support at 18,500. So now it is in consolidation phase. I can say it is just a small pause before the next move on the upside.
Also, Bank Nifty is really doing very well. I believe it is making a new high daily towards on the higher side. If the Nifty manages to give a breakout of 18,700 level on the closing basis, then definitely the doors will open for the 19,000 levels. Hence, the market will remain stock specific because we are not witnessing major selloff from the stocks.
I believe the Bank Nifty will take Nifty to the higher side. I am looking for a target of 44,500 for the Bank Nifty.
I am giving one buy call from the banking sector that is
. From 2018 onwards the stock was under correction mode and now since the last few months it has just given the breakout of that downward slowing trend line which is a major breakout on the monthly chart.
So I believe it has a very strong potential to go up to at least 1300. I would keep a short term target of 1300 after which 1500 levels can be seen. So one can take a long position at the current market price. The stop loss can be kept at 1170 for immediate target of Rs 1300 on the higher side.
The second buy call is of Chola Finance. Financial stocks are really doing very well, if you look towards the daily chart this stock is well placed above all the important moving averages.It is trading in the pattern of higher tops and higher bottom formations which gives us sign of potential up move from the current market price. Currently the stock is trading at 750 odd level so one can take a long positions for immediate target of 770-780 levels with the stop loss of 735.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
