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livemint.com / 1 year ago
livemint.com / 1 year ago
2 top stock recommendations from Rajesh Palviya for next week
«We have seen buying interest in midcap as well as in the smallcap space also and a lot of sectors which were in oversold trajectory have started recovering from their oversold trajectory,» says Rajesh Palviya, Axis Securities.
Nifty snapped its three-week losing streak. We managed to close above the 22,500 levels. Is it time for a reversal and what are the levels that you are working with?
Rajesh Palviya: So, there is a recovery from oversold trajectory of Nifty. But still, we are trading below to 20-day moving average, which is placed at around 22,750 kind of level. So, that level needs to cross in this recovery. If Nifty manages to cross 22,750, then we may see some substantial short covering action and then possible extension of rally could be there towards 22,900, even 23,000 level. But at this juncture, till Nifty is holding above 22,400, trend is likely to exhibit on the bullish side as broader market has also started performing.
We have seen buying interest in midcap as well as in the smallcap space also and a lot of sectors which were in oversold trajectory have started recovering from their oversold trajectory. So, 22,400 needs to keep as a stop loss and maybe in the coming week, Nifty attempts to move towards 22,750, that is the first target where we are projecting.
And if at all it crosses, then next target would be 22,900. For Bank Nifty, still struggling to cross 48,600, 48,650 zone, that is the immediate supply zone for the Bank Nifty.
Until the Bank Nifty not crosses above 48,650, we may see some
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