3 top stock recommendations from Rajesh Palviya

economictimes.indiatimes.com:

"Nifty is approaching its next critical support area of 19,200. If we look at the overall call put concentration so 19,200 is having now major put writing activity," says Rajesh Palviya, Axis Securities.Where are you seeing Nifty 50 as well as Bank Nifty headed for the upcoming week because we have a lots of factors that will be in play, the crucial one will be Jackson Hole Symposium and the global markets are not on the positive side so how do you see Nifty as well as Bank Nifty placed currently. This is the fourth consecutive week where we are seeing sustained selling pressure taking place on the Nifty as well as on the Bank Nifty also.

Nifty has now slipped below its important support area of around 19,400 and now we are trading below that level. Nifty is approaching its next critical support area of 19,200.

If we look at the overall call put concentration so 19,200 is having now major put writing activity. So, if at all Nifty breaks below 19,200, then this fall may extend further and then possibly Nifty can slide towards 19,000 level also.

On the other hand, the call writers are now shifting their position on the lower strikes, so major writing activities witnessed during the week around 19,400-19,300 strikes. So, looking at the overall data setup, looking at the near-term setup, we expect that whatever minor pullback if at all we see in the market towards 19,400-19,500 that will meet again to the supply pressure on the higher side, so it looks to be a negative bias for near term setup.