Aditya Arora’s 2 stock picks in an overheated market

economictimes.indiatimes.com:

Aditya Arora, Adlytick, says he likes “Glenmark, a stock from the pharma space. Glenmark could be bought at Rs 823; Rs 780 should be the stop loss and Rs 900 should be the target. The second one from consumer basket space is Godrej Consumer Product, this could be bought at Rs 1040; Rs 1,009 should be the stop loss and Rs 1,080-1,100 the target.”

Let us talk about Nifty, Bank Nifty levels for now because for the third day running, even if you take 21,000 levels to watch 20,900, that zone, the market is not witnessing a very big thrust. We go in that zone and then scale back. Same goes with Bank Nifty. Above 47,000, 47000 to 47,300, there is some amount of unwinding which is kicking in. What are you watching out for in terms of levels?
The patterns are suggesting the same after the stellar rally of Bank Nifty from 43,500 to almost 47,800. Now, it seems a cool off could be ahead of us. A little profit-booking could be ahead of us. The market does not have a lot of steam at these levels and these levels are acting as stiff resistance. Call writers are pretty active at 47,700, 48,000. I think this is the resistance for the market. This is the hurdle for the market. Until 48,000 is not taken out on Bank Nifty, we can see some neutral market to let us say a profit booking zone, wherein we can see some connection of 1,000 to 1,500 points on Bank Nifty.

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The same goes with Nifty. Nifty is also finding it hard to cross the resistance of 21,000, 21,100. So, that is also a very stiff