3 top trading ideas from Rajesh Palviya for next week
«Most of the PSU and private banks have started performing and the recovery is taking place in the PSU space or PSU bank also,» says Rajesh Palviya, Axis Securities.
Record high levels coming in for Nifty 50. Where you are eyeing next is 21,000 also on the cards and on the Bank Nifty, 1,000 points gain in the past four days but to touch that record high level just 1,500 points away. So do you believe that the journey for the next 1,500 could also be this fast or markets are expected to take a halt?
Very strong rally in the market. Both indices have done well.We are at all-time high for the Nifty. Very strong buying action across the board. Midcap, smallcap are continuously performing and making a new all-time high. So, overall, market sentiment is super bullish.
So, we believe that this momentum is likely to continue further. As you talked about the banking space,most of the PSU and private banks have started performing and the recovery is taking place in the PSU space or PSU bank also.
So, that clearly shows that yes, Bank Nifty can give further more support to the market at this moment and we can see there is a catch-up rally in the Bank Nifty and possibly we can see a level of 45,600 to 45,800 in the continuation of this up move for Bank Nifty.
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On the downside, the important support area for Bank Nifty is now placed at around 44,400. Till these levels are intact, buy-on-dip should be your strategy for Bank Nifty.
And yes, possibly we can see Bank Nifty also have a move
