Aditya Arora on top stock pick from cement sector
«So, from today onwards 26,500 is an important mark which was a high for Friday. Post that gap up, we have filled that gap and we are still continuing with the downside. So, I believe now 26,400, 26,500 is an important resistance point on Nifty Futures,» says Aditya Arora, Adlytick.
First of all, help us with your take on the benchmark indices because believe that you were not holding that positive stance on the markets. Given the fall, help us understand how do you see the markets moving ahead? Are we in for some more correction or the markets can find some ground here?
Aditya Arora: Look, today tables have turned and it is an important pivot point because since last 20-30 days midcaps and smallcaps were underperforming and largecaps were outperforming. Today it is an important reversal day wherein largecaps are underperforming. Look at Reliance Industries, it has given up all the gains which it had made on Friday, so that is important and look at other IT majors also, they are also underperforming.
So, from today onwards 26,500 is an important mark which was a high for Friday. Post that gap up, we have filled that gap and we are still continuing with the downside. So, I believe now 26,400, 26,500 is an important resistance point on Nifty Futures.
Until that is not taken out, one must have a bearish stance on the market. Good news is that all the people who are waiting on the sidelines to deploy cash, they have a good news that Nifty may soon hit lower levels which could be around 25,700 to 25,300 on Nifty
