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The entire Healthcare space has been buzzing and seems to be finding its mojo back. Along with pharmaceutical companies, ‘Apollo Hospitals’ too performed well throughout this week.
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Looking at the ongoing momentum, "we will not be surprised to see Bank Nifty surpassing 44,000 to hit fresh record high in coming weeks." Sameet Chavan of Angel One said.
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Initially, the base building was visible in NOCIL and now the stock prices have gained some momentum in the upward direction. On Friday, we witnessed a good price-volume breakout from a recent cluster of resistances around Rs 220.
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Gujarat Ambuja Exports experienced a remarkable surge in April after consolidating around multi-month lows of Rs 230. On the daily chart, prices have broken out of a range after a brief pause over the last few sessions.
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The entire capital goods space has been bucking the trend in recent challenging times and Cummins India specifically is completely on a roll.
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Suprajit Engineering has been bucking the trend from the beginning of February month. It has been moving steadily after forming a strong base around Rs 320.
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On Friday, SRF took off sharply to confirm a ‘Bullish Flag’ pattern on daily time frame chart. If we look at the volume activity, it has risen substantially, indicating strong buying interest at lower levels.
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It's better to simplify the research tools and there is no requirement to use fancy indicators, it will only add to your perplexity, Sameet Chavan advised.
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Looking at the broad-based participation on Friday, especially from the banking space, we will not be surprised to head towards a record high in the first half of the forthcoming week.
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We advise traders to continue with a stock-centric approach. It is advisable to stay light and avoid aggressive bets till the time global volatility subsides, said Sameet Chavan
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It is better not to trade aggressively in the index and carrying of overnight positions is strictly avoided, said Sameet Chavan.
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With its deceptive moves, the market is keeping traders on the edge. Can the famous saying ‘Sell in May and Go away' be true this time? Read on to know Sameet Chavan's views and his top bets right now
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For Nifty, the immediate resistance zone can be seen around 14,575 – 14,650. A sustainable move beyond 14,650 would negate the possibility of further correction and resume the upward march.
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The next milestone of 13000 is likely to be achieved very soon; in fact, we do not rule out the possibility of reaching 13100 – 13200 in the forthcoming week itself.
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One can never catch the absolute bottom and for investors, it’s always advisable to latch on to their desired stocks in a staggered manner in such corrective phases, says Sameet Chavan of Angel Broking Ltd.
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Nifty has to continue to hold above 10750-10777 zones to extend its move towards crucial hurdle at 10985 and above that, only a fresh leg of the rally could start.
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Sumeet Jain of Destimoney Securities advises buying BEML with a target of Rs 1750.
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Rakesh Bansal of RK Global advises buying Adani Enterprises with a target of Rs 147.
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Sumeet Jain of Destimoney Securities suggests buying Sun Pharma Advanced with a target of Rs 354.
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Rakesh Bansal of RK Global advises buying Anant Raj with a target of Rs 74.
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Rakesh Bansal of RK Global is of the view that one may buy Bharat Forge with a target of Rs 1197.
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Sumeet Jain of Destimoney Securities advises buying DCB Bank with a target of Rs 209.
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Vishvesh Chauhan of Monarch Networth Capital is of the view that one may buy Godfrey Phillips India with a target of Rs 1400.
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Vishvesh Chauhan of Monarch Networth Capital is of the view that one may buy Britannia Industries with a target of Rs 3870.
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Rakesh Bansal of RK Global is of the view that one may buy NHPC with a target of Rs 35.
