Bullish on markets with Nifty, Bank Nifty set to rise, says Rajesh Palviya

economictimes.indiatimes.com:

Nifty, we're projecting a target of 20400 to 20500 in continuation of this uptrend,” says Rajesh Palviya, Axis Securities. Edited excerpts:

ET Now: Firstly, coming to you because just last week when we connected with you, you provided our viewers with four different stocks and they performed exceedingly well throughout this week. I recall that all of those were from the large-cap space. Firstly, congratulations for that. And you were also bullish on the markets. But now, with the indices at a record high level, do you believe that in the next week we will continue to build on these levels? Do you have any specific levels in mind?

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Rajesh Palviya: Thanks for the compliment. So yes, this rally can definitely extend further in the coming week. We have observed the broader market begin participating again, and most of the midcaps and smallcaps have also started recovering. There was some shakeout-like trading behavior at the beginning of this week. However, the swift recovery in the broader market clearly indicates that this trend is likely to continue. The put base is firmly intact on the Nifty. We've seen aggressive put writing at the 20000 strike, showing that the base is shifting higher. The Bank Nifty also has shown significant buying action and is now comfortably holding above the 46000 levels.
Given the behavior of both indices, we anticipate more momentum in the coming week. For the Nifty, we're projecting a target of 20400 to 20500 in continuation of this uptrend. As