3 top stock recommendations from Rajesh Palviya for next week
«Even the Nifty has added almost 30 lakh shares for this fresh series. So, both indices have witnessed a long built up setup series on series and looking at the data, we believe that this momentum can extend further,» says Rajesh Palviya, Axis Securities.
What are you making of the week that we have had? This entire week we have really just been seeing a record of continuation for both the Nifty as well as the Sensex.
Rajesh Palviya:
So, we have seen a very strong run up for the September series and the way the market has moved up in the last couple of weeks, that clearly shows that the sectorial rotation which we have witnessed in last couple of weeks that clearly gives us confidence that this rally can extend further. As the underperforming sectors have now started showing buying interest and short covering is visible in the derivative data also, so we believe that this momentum can extend further. Looking at the rollover data also, Nifty has shown almost 78% kind of rollover, it is higher than compared to the last three months, six months average.
Even the Nifty has added almost 30 lakh shares for this fresh series. So, both indices have witnessed a long built up setup series on series and looking at the data, we believe that this momentum can extend further. For Nifty, we are projecting a target towards 26,500 to 26,600 going forward in the continuation of this up move. On the downside, the major support is placed at around 25,900, 25,800 zone. So, for this new series, we believe that 25,800 to 26,500,
