Of Kunal Bothra
In an interview with ETNow. Quotes:
What do you see in terms of the chart from the front Nifty? Also how can we look forward to next week as well?
After Friday’s move, we can say that the bulls can finally breathe a sigh of relief that there are some rallies that have taken shape for the indicators. The beginning of the week was very hectic for the market but the end was something that I believe everyone will probably want to take note of because of the way our markets have shaped without what is happening around the world.
So in the last one and a half months, we have relied heavily on what is happening around the world, especially on US indices. But our market performance over the last two days has been completely different and in a positive way, of course, subject to what is happening in the US index, so it was a big positive for our market. Trying to follow what is happening around the world and we can probably move in the opposite direction now.
Now there are a lot of data points to discuss but I will probably limit it to just one very important issue like we have seen a lot of call buying incidents in 17000 strikes since the weekly deadline on Thursday. I think Friday’s move appreciates the kind of data points in the index. We’ve seen a mix of short covers as well as long built-ups so there were a lot of big cap names like Reliance, Dr. Reddy made a comeback, pharma stocks overall made a comeback and other sectors like this that worked extremely well. We will.
So when you are in a scenario where a long build up and short covering is going on hand the market width is looking quite strong and the alternative data is also trying to appreciate it is a perfect and a classic setup. Strong recovery in the index. So I would expect that if there was no big push around the world that next week we should trade a lot more than where we left off on Friday and I probably believe we should go back to at least 16,600 if not more. Nifty 50.
What is your top pick that you are looking for?
So there are two buy calls that I would like to offer at the present juncture; The first is a purchase
, Very interesting chart, the stock looks an interesting one among the more powerful midcap or big chemical names. The stock is confirming a cup breakout and is handling a pattern, targeting Rs 1040, stop loss of Rs 960 for Tata Chemicals. And a non-F&O stock RCF from Fertilizer Pack, I have been discussing this stock for the last one week how the stock has shown a bright kind of chart pattern I think 99 rupees or 100 odd level RCF is also looking very attractive on the chart and I will be in stock in the next few weeks Expect stronger follow through price action for. So buy a positional at RCF, target 120 rupees, stop loss at 92 rupees.