3 top stock recommendations from Rajesh Palviya

economictimes.indiatimes.com:

«Looking at the data set up, especially in today's session, some profit taking was there at higher levels because most of the call writers were aggressive at 19,600, 19500 strike on the call side and so it clearly creates some pressure on the index,» says Rajesh Palviya, Axis Securities.19,500 was briefly seen on the Nifty 50 index so, going ahead with the earnings season kicking in and coming in at play, can we expect 20,000? We are not that far from those levels but with the kind of a U-turn that we have seen on Friday. What is your expectation? This is the fourth consecutive month where we are seeing a very strong rally is playing out in the market and looking at the data set up overall behaviour of the market, it clearly indicates yes, we may see further upside from the current level and possibly yes, Nifty can head further higher towards 20,000 mark also.

Looking at the data set up, especially in today's session, some profit taking was there at higher levels because most of the call writers were aggressive at 19,600, 19500 strike on the call side and so it clearly creates some pressure on the index.Bank Nifty is having major concentration at around 45,500 which acted as a supply zone for the Bank Nifty also. But looking at the overall setup, we expect that if Nifty manages to hold above 19,200, 19,300, then this rally will again resume in the coming week and possibly once we cross this above 19,500, 550 zone, then we can see a short covering action and then Nifty can inch up further higher towards 19,800 to 20,000 mark also.