In an interview with CNBC-TV18’s Anuj Singhal and Senthil Chengalvarayan, Dilip Bhat of Prabhudas Lilladher, Pashupati Advani of NBIE along with Manas Jaiswal of manasjaiswal.com share their outlook on various stock specific bets and where the market is headed hereon.
According to Jaiswal, there is a clear breakout in the market with higher tops and higher bottoms. Going ahead, he believes Nifty has potential to touch its all-time high of 8625 and investors must go long at current levels with a stop loss at 8280.
Furthermore, he feels any dip in the market is a great buying opportunity, as Nifty can breach records and soar higher backed by banking stocks.
Advani too has very high policy expectations from the ongoing bankers meet. He sees a lot of goods stuff entering the markets, as a number of RHPs are being filed. He advises investors to keep an eye on them and see what they have to offer.
Meanwhile, Bhat remains upbeat on housing finance companies, mainly HDFC as it does not seem overly expensive. Besides, he see market routing from HDFC Bank, L&T, PSU banks, Lupin, Cipla and Glenmark in the frontlines.
Below is the verbatim transcript of Manas Jaiswal's interview:
Anuj: Technically heading into next week do you think a breakout is imminent for the Nifty and what would be your stop loss and target for any kind of Nifty trade now?
A: This is a clear breakout. It has broken that December 23 high of 8365 and it has started making higher tops and higher bottoms. You can see on the daily charts. So, I think Nifty has potential to test its all time high of 8625 now. So, even at current levels one can go long with a stop loss of 8280.
Anuj: What stock or stocks would lead the Nifty there?
A: Definitely banking stocks. So, if you see private banking especially ICICI Bank and HDFC Bank both stocks are looking very strong on the charts. ICICI Bank has given a clear breakout on the charts. One can buy ICICI Bank at current levels, keep a stop loss at Rs 355. The stock has potential to test Rs 400 in next one or two months.
Senthil: We are closing at the highs of the day. I know you have already struck very bullish noises but does the action of the last few minutes change anything for you on the positive?
A: Definitely the markets are positive. It is a clear breakout. If you see the longer period of time say around 2-3 months time I think Nifty has potential to break its all time high of 8625 also and it can come up to around 8750. So, any dip is a great buying opportunity.
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