Dyaneshwar Padwal, AVP Technical Analyst, KIFS Trade Capital, sees the Nifty heading to 13,500 levels if the 12,000 mark is taken out decisively. He told Moneycontrol’s Kshitij Anand that the index may trade rangebound between 11,300 and 12,000 levels during the April series.
Edited excerptsQ: The market closed FY19 on a strong note. Any particular level you are charting for the Nifty in FY20?
Rather than eyeing a directional view on the indices, investors should look for stock-specific action. In this scenario, midcaps may outperform the Nifty.
The Bank Nifty has shown strong performance by outperforming the Nifty. In the Relative Rotation Graphs, it is oscillating in a leading quadrant where the relative momentum and strength are very high.
In this scenario, every dip should be used as a buying opportunity. Among banks, State Bank of India is looking quite impressive as it has given a Pennant breakout on the price chart as well as an intermediate trend line breakout on the supporting oscillator RSI.
Another stock which is showing strength is Pidilite Industries as it has given an Inverse Head and Shoulder breakout on the weekly chart. We may see the stock to continue to march towards its northern trajectory.Disclaimer: The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.