Buy on dips as Nifty & Bank Nifty look bullish; 3 stocks to bet on: Rajesh Palviya

economictimes.indiatimes.com:

Rajesh Palviya, Head-Technical Research, Axis Securities, says put writers are aggressive at 24,000 strike as well as 23,800 strike, and so these are the important levels on the downside to hold the market. If it holds the 24,000 level in the coming week, then this rally can extend higher, and the possible target for Nifty can be 24,400 also very soon. For Bank Nifty, 52,000 is the immediate support area based on the put concentration. The two levels – 52,000 as well as 51,800 – attracted more put writing in Friday's session also. If Bank Nifty crosses the 52,600 mark, then this rally can extend further towards 53,400 to 53,600. So, both indices are looking bullish at this moment; buy-on-dip should be your strategy.

We have seen consecutive record highs on the benchmarks for the broader markets as well over the week. What sense are you making of these moves? Is this a too-much-too-soon kind of rally? Are you penciling in some kind of slowdown next week? What are the levels you are watching out for when it comes to the benchmarks?

Rajesh Palviya: There is no sign of a slowdown at this moment. The way these indices are making a series of all-time highs on a consecutive basis, clearly shows that buying interest is still there. As such, there is no fear on the Street, comfort is still there because this move is done by most of the large-cap stocks. The stocks that were in long consolidation have started participating. The moves in Reliance, HDFC Bank, and other cement stocks show that again the largecap stocks are now