Kunal Bothra of
in an interview with ETNow. Excerpts:
What are you taking a look at by way of the charts from the Nifty going ahead? Additionally how can we take a look at the subsequent coming week as effectively?
After Friday’s transfer, we are able to say that the bulls can lastly heave a sigh of aid that there’s some rally which has formed up for the indices. The beginning of the week was extraordinarily torrid for the markets however the finish was one thing which I consider everybody would in all probability need to pay attention to due to the way in which through which our markets formed up devoid of what’s taking place throughout the globe.
So within the final one, one and a half odd month we’ve got been a lot depending on what is occurring throughout the globe particularly the US indices. However the final two days our market efficiency has been utterly completely different and divergent on a optimistic facet, after all, with respect to what’s taking place on the US indices in order that was one massive optimistic for our markets probably we’re breaking the chain of nearly making an attempt to comply with what is occurring throughout the globe and we may in all probability be now main a course on the upside.
Now there are such a lot of information factors to debate about however I’d in all probability preserve it restricted to only a vital ones like on Thursday put up the weekly expiry we had seen an enormous quantity of name shopping for taking place on the 17000 strike. I feel Friday’s transfer form of compliments that form of information level on the indices. We additionally noticed a mix of brief protecting in addition to lengthy constructed up so there have been so many massive cap names which regarded extra formidable likes of Reliance, Dr Reddy making a comeback, the pharma shares general making a comeback and such different sector which did extraordinarily effectively.
So when are you into such form of a situation the place there’s a lengthy constructed up in addition to brief protecting going hand in hand the market breadth wanting fairly robust and the choices information additionally making an attempt to go with it’s a excellent and a traditional setup for a stronger restoration on the indices. So I’d anticipate that if there is no such thing as a main setback throughout the globe that subsequent week we must be buying and selling a lot greater than the place we left off on Friday and I probably consider that we must always make a touch again to at the very least 16,600 if no more on the Nifty 50.
What are your high picks that you’re taking a look at?
So there are two purchase calls which I’d need to counsel on the present juncture; the primary one is a purchase on
, very attention-grabbing chart, the inventory has been one of many extra formidable midcap or massive chemical names appears enticing. The inventory is confirming a breakout of a cup and deal with form of a sample, Rs 1040 as that focus on, cease loss Rs 960 for Tata Chemical compounds. And from the fertiliser pack a non F&O inventory RCF, I’ve been discussing this inventory since final one week that how the inventory has proven sensible form of chart patterns at I feel Rs 99 or 100 odd ranges RCF additionally appears very enticing on the charts and I’d anticipate a a lot stronger comply with via worth motion for the inventory within the subsequent few weeks to return by. So a positional purchase on RCF, Rs 120 because the goal, cease loss at Rs 92.