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The Indian market has been rangebound for a while now. In an interview to CNBC-TV18, Regan F Homavazir, associate VP-technical research of Darashaw says the Nifty does not show any bias, unless it moves past 5,300 for a sustainable upside. "We have gone above 5,300 and haven’t been able to close above it. That is a cause for concern. It only suggests that the Nifty continues to remain neutral," he adds.

According to him, 5,000, 5,200 are support for the Nifty. "If you are looking at it from a trader’s mindset, 5,200 becomes important. But as an investor, you need to be waiting till 5,000 because that is the most important level where a lot of parameters coincide. So, it becomes a confluence of supports where the Nifty needs to sustain," he elaborates. He continues to remain bullish on HDFC Bank because the longer term picture is extremely positive. He also likes J&K Bank. “J&K Bank is doing something very significant on the charts. At Rs 900, it appears that the downsides are very limited and the upsides could be as rewarding as Rs 1,400,” he asserts. He further says State Bank of India is a buy. “The correction is over. So, at Rs 1,800, State Bank is a buy from the longer term picture perspective,” he adds. In the pharma space, he is positive on Glenmark. He would look at Glenmark as a long-term buy for Rs 600. "Cipla is looking equally interesting." In the FMCG sector, he is bullish on Tata Global and Dabur. He is looking at Zee Entertainment as a long-term wealth creator. “Another stock, which we are looking at as a wealth creator, would be a Pidilite,” he adds. Looking for bottom fishing bets? PN Vijay suggests 2 stocks Below is the edited transcript of his interview with CNBC-TV18's Udayan Mukherjee and Sonia Shenoy. Q: It’s been rangebound for the last few days, but the Nifty has come back from that 5,450 to closer to 5,200. What do you see next? A: The last time when we saw the Nifty, 5,300 was very important to be overhauled on a monthly closing price basis. We have gone above it and haven’t been able to close above it. That is a cause for concern. It only suggests that the Nifty continues to remain neutral. It does not show any bias, unless it moves past 5,300 for a sustainable upside. At the same time, the possible downside to 5200, which we have seen now, remains open. At 5,221, we could be starting to look at the Nifty for an upmove. Q: What is a breakdown level of the trend, below which you will start to get worried? A: Psychologically, when we look at the longer term perspective, the breakdown only below 5,000 starts to get very worrisome. So, if you are looking at it from a trader’s mindset, 5,200 becomes important. But as an investor, you need to be waiting till 5,000 because that is the most important level where a lot of parameters coincide. So, it becomes a confluence of supports where the Nifty needs to sustain. Q: What are the chances that the Nifty remains in this 5,100-5,000 to 5,400 kind of a range for a whole lot longer? A: As the monthly closings come in, we need to just assess whether the monthly closings are either above or below these levels. Only a break of 5,300 or coming to 5,000 suggests any possibility. There is no time definition. Also, we are already in a very eventful month. So, it suggests that the Nifty could show direction very soon. However, having said that, what is very important is that certain stocks keep performing regardless of the Nifty. For example, when we had spoken of Hindustan Unilever, actually the market has done nothing since the past year, but the stock has doubled. Look at ITC as well. So, when we look at independent stocks, there are certain stocks that are suggestive that the long-term trend is very intact. When we look at HDFC Bank, we had also recommended a switch from SBI to HDFC Bank. That has worked out and panned out. We continue to remain bullish on HDFC Bank because the longer term picture is extremely positive. Even if a correction steps in, it will be only corrective in nature. It is not going to hamper the outlook of the stock on the longer term chart. So that remains very positive. At the same time, there is another stock, which is HDFC Limited, which we have already spoken of. Another stock that we are looking at is J&K Bank. J&K Bank is doing something very significant on the charts. At Rs 900, it appears that the downsides are very limited and the upsides could be as rewarding as Rs 1,400. _PAGEBREAK_ Q: What are you seeing on the charts of the Bank Nifty now? A: The Bank Nifty is at a support. So, when you look at 9,900 or 9,800, that is a key support for the Bankex. So, we need to see whether the Bankex is supporting the charts here. The charts are going to pan out on the upside, if the Bankex holds at 9,900. Q: You didn’t mention State Bank of India. How’s that looking? A State Bank of India is a buy, as far as the price correction is concerned. That correction is over. However, when you put a time perspective of when will it start the up move, that is indefinite. So, at Rs 1,800, State Bank is a buy because the maximum downside from Rs 1,800 is Rs 1,600. So, it is a buy from that perspective or longer term picture perspective. Q: You spoke about HUL and ITC, but you also track names like Tata Global and Dabur. Are they looking as bullish? A: Tata Global and Dabur are looking very-very bullish at this point. What appears is that they are going to be starting their run. So, while we look at Dabur, the charts are suggesting that Dabur could head to Rs 180, while Tata Global can head to Rs 220. So, those are the sort of significant long-term targets that the charts are suggesting. Also, to have a risk mechanism, they have only a 15% downside, should it come across. So that would be a buying opportunity, as far as Tata Global and Dabur are concerned. But even at this price, they look a buy. Q: Pharmaceuticals have also done very well. You track names like Glenmark. How’s that looking? A: Glenmark is also a positive stock. We have been tracking it right from Rs 360-380 and now Rs 400. Rs 400 was very important significant technical level. Above that, it became a buy. Glenmark is sustaining that price. So, we would look at Glenmark as a long-term buy for Rs 600. As far as Divi’s Lab is concerned, we had looked at those charts at Rs 800 and we are seeing Rs 1,400 coming. However, with this current upmove, which has been quite a move in a short span of time, Divi’s can have a marginal correction to Rs 1,000, but Rs 1,400 and Rs 1,600 look possible. Cipla, on the other hand, is looking equally interesting. Should the Nifty also start to support it while it moves past 5300 and Cipla gathers momentum above Rs 400, Rs 550 looks possible. Q: You keep an eye on Zee as well in media. Has that resumed an uptrend after a long time? A: Zee has been one of our significant long-term picks. It is as equivalent to an HUL, when we identified it at Rs 280. So, Zee, right from Rs 138, we have been extremely positive. We are looking at Rs 400 in due course. So, as far as Zee is concerned, whether it reacts from Rs 170, comes back to Rs 150 is immaterial in the longer picture. So, we are looking at Zee as a long-term wealth creator. Another stock, which we are looking at as a wealth creator, would be a Pidilite. Pidilite, at Rs 200, is doing something very significant. We are looking at a target of over Rs 450.