Bank Nifty is way weaker than Nifty; positive on realty & pharma sectors: Meghana Malkan
Meghana Malkan, Malkansview.com, says “there are two sectors that I would go by. One is the realty sector, the other is the pharma sector. Some kind of trade is being set in these two sectors. For example, when it comes to pharma, Zydus Lifescience is something I would be looking at. I will also be looking at Sun Pharma. Lupinis the third one.”.
Let us talk about the market. It is pretty quiet, isn't it? We have been consolidating for a while now. We have seen these sharper moves towards the day and otherwise. But what is your view? What are you making of the moves coming in the markets? Will we see a prolonged phase of consolidation after hitting new highs?
Meghana Malkan: Yes, we have been consolidating, but we are consolidating with the weakness at base. For example, if you talk about Nifty, I see very strong resistance coming at 22,200 and there are divergences on momentum indicators that makes Nifty on the weaker side. But where I see more weakness is in Bank Nifty. Bank Nifty is way weaker than Nifty and I believe it has a potential to go all the way down to 45,700. So, this is how I read both the indices.
But what do you make of the broader markets because they have been enjoying the party, they have been enjoying the ride and they have been outperforming the benchmark indices on most of the occasions. What is the trend that you are making out of the moves when it comes to the broader markets in particular?
Meghana Malkan: In particular, I believe there are these two sectors that I would go by. One is the
