2 top stock recommendations from Sudeep Shah
«So, when two of these bigger indices are showing some kind of support, I feel that this 24,300, 24,400 zone positionally for Nifty should act as an important support,» says Sudeep Shah, SBI Securities.
Well, the screen is looking much better than what was the case yesterday. Is the poison out of the system? Have we formed a bottom?
Sudeep Shah: I cannot really say that the poison is out of the system or we have formed a bottom because it is the first day after last three-four days where we have seen absolute carnage in terms of midcaps and even selected largecaps. However, what is encouraging to see today is that yesterday and in the last few days we have seen banking, especially ICICI Bank, HDFC Bank stabilising somewhat and on the other hand, even the IT stocks are showing some positive traction.
So, when two of these bigger indices are showing some kind of support, I feel that this 24,300, 24,400 zone positionally for Nifty should act as an important support.
But what is important is that the indices have to now cross, the Nifty index has to cross 24,700 on the upside from a positional perspective for us to at least have some kind of comfort that yes, the bottom formation is in place and in the next few days we could see an up move.
So, 24,700 would act as that pivotal level on the upside above which we could hope for a serious recovery. Till then, 24,350 to 24,700 would be that range in which we will see the indices oscillate and there could be heavy volatility within this given range also.
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