3 stock recommendations from Rajesh Palviya for next week
«Real estate stocks have gained in the current week and Brigade is looking very promising. If we analyze the overall structure, the stock is in an uptrend and almost enjoying its all-time high trajectory,» says Rajesh Palviya, Axis Securities. Edited Excerpts:
The market seems to be climbing the wall of worries and the wall really was 19,000 for Nifty50 and 43,000 for Bank Nifty. Now that we have surpassed those levels, do you believe that this momentum will continue and which are the next levels that we should be looking out for?
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Offering CollegeCourseWebsiteIIM LucknowIIML Chief Executive Officer ProgrammeVisitIndian School of BusinessISB Chief Technology OfficerVisitIndian School of BusinessISB Chief Digital OfficerVisitWe have seen short covering action for both the indices in Friday's session and Nifty is now holding about 19,200. So that is a positive development in terms of level for the Nifty. If at all Nifty holds 19,200 in the coming week, then possibly another round of short covering can be seen and then Nifty may scale up to the level of 19,350 to 19,400. That is again the supply zone for the Nifty.
If you look at the technical setup, it almost coincides with its 100-day and 50-day moving average. So that level needs to be watched very closely in the coming week. If Nifty crosses about 19,500, then this rally can extend further and maybe ahead of Diwali, we can see a good momentum further towards 19,800. But at this moment, 19,400, 500 are the key challenging level for the Nifty on the higher side. On the downside, 19,200 is the immediate support area but if it breaks those levels, then the next major support will come at around 19,000 levels as the
