2 strong trading picks from Angel One’s Osho Krishan

economictimes.indiatimes.com:

Osho Krishan, Senior research Analyst, Angel One, says the first trading pick is Grasim. From here onwards, one can expect that those who have missed the rally in the previous week, can re-enter in the counter for the higher target of 2000. On the downside, one can put a strict stop loss of Rs 1870 on the spot levels. The second technical pick is from auto company Balkrishna Industries. The technical charts of Balkrishna Industries is looking very promising. It is on the verge of giving a breakout.

Do you see the short covering in the market to continue?
Today we have seen a very strong rebound in the market. But as of now, the 19,800 zone is having a very strong resistance because if you will be looking at the data from the derivative point of view, then 19,800 has a very strong pileup of call writing position. So that means 19,800 should be acting as a stiff resistance. As we are going to have a weekend from tomorrow, there would not be any strong traction that can be seen in today's session.
But overall, if the market sustains above 19,720 odd levels, which is the 50% Fibonacci retracement of the recent rally, then, it is a positive development after three consecutive days of stiff or very intensified selloff. One can expect that from next week, our market can see some kind of good momentum or can see some kind of bullish momentum. And from there onwards, one can even look for opportunities on the long side.

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