Constructive on markets, 2 stocks to buy now: Sudeep Shah

economictimes.indiatimes.com:

Sudeep Shah, Head of Technical & Derivatives Research (Equity & Currency), SBI Securities, says “given the kind of up move that we have witnessed from 21,800 right up to 22,700, if the markets consolidate here, it would be a nice thing and going forward 22,450, 22,500 will act as a strong base. Till the 22,450-22,500 zone holds, we could see this up move extending up to 22,950-23,000 in the next few sessions.”
Shah also says: “I feel Aditya Birla Capital from a medium-term perspective can be bought with a stop loss at Rs 200 on the downside and Rs 220 on the upside. The second stock that we like is MCX.”

What do you make of the market setup because after that big runup that we have seen for the last three consecutive sessions, do you see some sort of topping out for the market right now or do you see more legs to this?
Sudeep Shah: What we are witnessing in the markets is that overall the indices are in an uptrend, but global cues of rising dollar index, we have been witnessing the US 10-year bond yields also rising in the last few sessions and the inflation numbers which have come higher than expected.

Now, all these have led to some kind of resistance at higher levels if we see into the global equity markets now. So, overall, the markets might consolidate here at these levels and it is okay if they consolidate because given the kind of up move that we have witnessed from 21,800 right up to 22,700, if the markets consolidate here, it would be a nice thing and going forward 22,450, 22,500 will act as a strong base.

Till the 22,450-22,500 zone holds, we could see this up move extending up to 22,950-23,000 in the next few sessions.