3 top stock recommendations from Rajesh Palviya for next week
«Bank Nifty structure has turned little weak and the way Bank Nifty has broken its 20-day moving average, we believe that if remain below to 51,000 mark, I think there could be furthermore supply pressure we may see in the continuation of this down move and possibly Bank Nifty can attempt to move further towards 50,200, 50,300 zone, that is the next immediate support area based on the derivative data front,» says Rajesh Palviya, Axis Securities.
Quickly take us through what levels you are spotting. Secondly, tell us if this correction that we have seen is a temporary blip or do you think we are going ahead and we are in for a lot more trouble coming in for the market?
Rajesh Palviya: So, looking at the correction in the last couple of days, now Nifty slipped again back to below to 25,000 level. That was the major put-based concentration on the monthly series as well as for the weekly series. And we have broken these two support areas on the closing basis.
Looking at the near-term structure, if we sustain below to 25,000 level, yes, possibly we could see furthermore supply pressure in the continuation of this down move. And Nifty may attempt to move further lower to test its 20-day moving average, which is almost around 24,800 kind of zone. So, if it breaks below 24,800, then we could see a continuation of supply pressure towards 24,600, that is the next major put-based concentration which we are seeing on the weekly as well as on the monthly series.
So, below 24,800, we could slip further to 24,600, that may be a
