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“The second stock is from the banking sector that is ICICI Bank. Currently trading at Rs 896, one can keep a stop loss of Rs 860 and Rs 950 and Rs 980 could be achieved in this,” says Mileen Vasudeo, Arihant Capital Markets
17800 has been taken for the Nifty 50 and for the Bank Nifty as well. We climbed above that 42000 mark and that is what we are seeing after 25th of January. So going ahead, do you expect that these going to be the next support levels for the market and for the next week, do you expect the markets to continue holding on and build up gains on these levels?
If you see Nifty it was facing a strong resistance at 17800 levels. Now for two consecutive trading sessions, Nifty has closed above 17800 levels. However, the candlestick pattern on the daily charts are a little bit narrow, so there could be a consolidation at current level. But yes, we are now heading towards the next supply zone of 18200 to 18250 levels. Now coming to Bank Nifty also, if you see Bank Nifty has crossed 4200. And it was a strong gainer and all the banking stocks had risen. And we expect that yes, 42800 to 43500 levels could be possible in a couple of weeks. In the rally that we have seen in the markets recently, a lot of lagging sectors have participated in that from the likes of pharma, realty making a comeback and even autos which saw a sell-off in the month of March. All of these counters are now gaining momentum. So going ahead, when you expect the markets to inch higher which sectors should come and participate in the rally as per you?
Going forward pharma is the one which is quite oversold, so it will bounce back. Indian pharma if you see Dr Reddy is the stock which is making a higher high and clearly an outperformer. And going forward yes realty is being good on the chart and the banking stocks are likely to outperform going forward.
17800 has been taken for the Nifty 50 and for the Bank Nifty as well. We climbed above that 42000 mark and that is what we are seeing after 25th of January. So going ahead, do you expect that these going to be the next support levels for the market and for the next week, do you expect the markets to continue holding on and build up gains on these levels?
If you see Nifty it was facing a strong resistance at 17800 levels. Now for two consecutive trading sessions, Nifty has closed above 17800 levels. However, the candlestick pattern on the daily charts are a little bit narrow, so there could be a consolidation at current level. But yes, we are now heading towards the next supply zone of 18200 to 18250 levels. Now coming to Bank Nifty also, if you see Bank Nifty has crossed 4200. And it was a strong gainer and all the banking stocks had risen. And we expect that yes, 42800 to 43500 levels could be possible in a couple of weeks. In the rally that we have seen in the markets recently, a lot of lagging sectors have participated in that from the likes of pharma, realty making a comeback and even autos which saw a sell-off in the month of March. All of these counters are now gaining momentum. So going ahead, when you expect the markets to inch higher which sectors should come and participate in the rally as per you?
Going forward pharma is the one which is quite oversold, so it will bounce back. Indian pharma if you see Dr Reddy is the stock which is making a higher high and clearly an outperformer. And going forward yes realty is being good on the chart and the banking stocks are likely to outperform going forward.
If I have to ask you some of your top recommendations, we have discussed a lot about the auto pack, pharma as well as the banking space. But from your perspective, which are the stocks on your radar?
I would like to recommend two stocks. One is DLF. Now, if you it has seen a 12 year high that is a multi-year high of Rs 403. Even we have seen good volumes of picking up in DLF counter. So going forward, one can buy this stock at current levels keeping a stop loss of Rs 380. We expect a target of Rs 474 to Rs 500 in a couple of weeks’ time.
The second stock is from the banking sector that is ICICI Bank. Currently trading at Rs 896, one can keep a stop loss of Rs 860 and Rs 950 and Rs 980 could be achieved in this.
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