2 stock recommendations from Santosh Meena
Coal India is very bullish. The stock is in strong bullish momentum. After some consolidation, it saw some kind of pullback and after pullback, it took support from recent breakout levels. Now we may see a further momentum in the counter, says Santosh Meena, HoR, Swastika Investmart.
The data point which we saw on Friday showed that after 14 years, FIIs have turned net long on index. What are you making out of it because they are closing the week and, of course, they are closing the monthly expiry ahead of the outcome with a heavy short built up.
Yes, very interesting data because last week FIIs reduced their short position from record low and turned positive. But suddenly, on Friday, they again turned a record short position. Interestingly, but historically, if you look at the trend for the last one-and-a-half year, they failed to catch the trend because whenever they are heavily short and any series which started with such a short position, after that, we saw a massive rally in the Nifty, minimum of 1000 points. So, there could be a case of another 1000- and 1500-point rally from here again if FII remains short. So, there is a case of short covering rally.
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Market is heading into an event on a very light note because there is no euphoria in the market and there are a lot of
