4 top stock recommendations from Rajesh Palviya for near term
«Short covering was clearly visible on 19,700 strike, that was the major call concentration area. So, that short covering is clearly indicating that now base is shifting higher towards 19,600-19,700, put writers are now acting as writing positions are taking place around those levels,» says Rajesh Palviya, Axis Securities.
19,800 is what we have scaled past and also on the Bank Nifty, 45,100 is where we have touched. So, going ahead, what are the targets coming in for Nifty 50, 20,000, are we very close to that?
Definitely. So, the kind of momentum we have witnessed throughout the week is clearly indicating that yes, we are heading towards the 20,000 mark. Yes, possibly in the coming week, we are going to scale up to the level of 20,000 or we can surpass that level also. Very strong buying action across the sector has been there.
Unlock Leadership Excellence with a Range of CXO Courses
Offering CollegeCourseWebsiteIndian School of BusinessISB Chief Technology OfficerVisitIndian School of BusinessISB Chief Digital OfficerVisitIIM LucknowIIML Chief Marketing Officer ProgrammeVisit
Short covering was clearly visible on 19,700 strike, that was the major call concentration area. So, that short covering is clearly indicating that now base is shifting higher towards 19,600-19,700, put writers are now acting as writing positions are taking place around those levels.
So, put base is shifting higher and we expect that this momentum can extend towards 20,000 in the coming week. Even on the Bank Nifty front also, very strong buying action throughout the week.
Most of the PSU banks as well as the private banks have performed well and looking at the setup for Bank Nifty, now we are holding this 45,000 level on a weekly closing basis.
L
