2 top stock recommendations from Gaurav Bissa
«One can use stop loss of 19,630,19,640, buy Nifty here, the targets will be around 19,800. So, as I said, for small bounce, one can buy here. But overall, the trend or the upper band remains a little bit weak,» says Gaurav Bissa, InCred Equities.
Quick reading on the Nifty, Bank Nifty for a moment and your trading ideas and then we will talk about select movers in trade.
Well, as far as Nifty is concerned, at high levels, we have seen breakdown retest of Nifty at 19,859 at spot level and this is also a 61.8% retracement of the fall that started from 20,200 to about 19,200.
So, we will find some resistance in Nifty at higher levels. So, on a broader perspective, it is a sell on rise market for the time being.
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On the other hand, if somebody wants to play on very ultra short-term, maybe one or two days’ perspective, then we are still holding above 19,500-19,550 quite strongly, even 19,600 for that matter.
So, one can use stop loss of 19,630,19,640, buy Nifty here, the targets will be around 19,800. So, as I said, for small bounce, one can buy here. But overall, the trend or the upper band remains a little bit weak.
For Bank Nifty any declines towards 44,000 on the spot side can become a lucrative buying proposition, keeping the stop loss at which we made last time when we slipped lower and on the upside again 44,600-44,700 can be seen. So, in my opinion, it is a buy on decline for both Nifty as well as Bank Nifty for a minor bounce back.
What are your trading ideas, specific ones?
I have a buy and sell recommendation.
