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economictimes.indiatimes.com / 1 year ago
2 top stock recommendations from Rajesh Palviya for next week
«Only banking sector could give some support to the market to move further higher. So, it is going to be a range-bound kind of scenario for coming week on the downside 22,760 lower band and on the higher side 23,200 this could be the possible range for Nifty,» says Rajesh Palviya, Axis Securities.
Where do you think we will open on Monday, given the kind of cut that we have seen today? Do you think we have completely digested this tariff news and Monday could be better looking for us because yesterday, we absorbed this shock quite well, and today we were spooked. So, do you think that is only because of how the global markets have performed and Monday could be better for us or do you believe that this is the start of another correction rally that we can expect to see going ahead?
Rajesh Palviya: So, again, there would be impact of global cues definitely on the Monday opening. Looking at the setup, the weekly close is now below 20-day, 50-day moving average for Nifty. But on the other end, Bank Nifty is showing a different kind of scenario because Bank Nifty is quite stable and holding above all its near-term, short-term, as well as long-term moving averages. So here, we have strength.
But on the other hand, Nifty has given up all the gains, as well as broken the all-important support area. So, for Monday, 22,760 is the critical level for the Nifty. So, if it breaks those levels, then we may see continuation of this down move, and then further follow-up selling towards 22,500 we may see in the coming week.
But
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