2 top stock recommendations from Nagaraj Shetti

economictimes.indiatimes.com:

«But overall market remains up. Having moved above the initial resistance of around 24,000, I am expecting Nifty to move towards the 24,450 to 24,500 in the near term,» says Nagaraj Shetti, HDFC Securities.

And yes, you have markets that are scaling brand new highs every single day, but we are seeing that there are some bouts of profit booking or some sort of a consolidatory phase actually kicking in for the markets. Are you witnessing that on the charts as well?
Nagaraj Shetti: Market has been in a continuous uptrend since after the upside breakout of the range movement. The overall chart pattern is looking still positive, though market is placed at the higher levels. Still, there is no indication of any reversal pattern confirming at the higher levels. There may be some volatility at the highs or maybe a smaller intraday correction in between. But overall market remains up. Having moved above the initial resistance of around 24,000, I am expecting Nifty to move towards the 24,450 to 24,500 in the near term.

Then, what about Nifty Bank actually because everyone is betting on Nifty Bank to lead the charge, to rally ahead, it has been a while that we have seen the private sector banks participate and we are seeing signs of some sort of a participation. But are you seeing some resistance also kicking in?
Nagaraj Shetti: I am not seeing any big resistance at this point of time, around 52,900, 53,000 is going to be a resistance, but eventually we could see a decisive upside breakout in banking sector as well.

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