DLF among top 3 trading ideas from Rupak De for next week
DLF, HDFC AMC and IndusInd Bank are top three buy ideas from Rupak De, Senior Technical analyst at LKP Securities, for the week ahead. DLF, he said, has broken out of its recent consolidation pattern and has consistently remained above its crucial moving average.
Edited excerpts from a chat:
With little participation from bank stocks, Nifty eked out a modest gain in the week. How does the trade set-up look like now?
Nifty ended the week with a modest gain despite selling in the banking sector. Overall, the sentiment is expected to stay positive as long as it maintains above the critical support level of 19,500 as put writers are likely to offer support at this level. On the upside, resistance is positioned around 19,750-19,800. A strategy of buying on dips would be favorable as long as it holds above 19,500.
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IT stocks are on an uptrend ahead of the Q2 earnings, which begin next week. Do you see overbought signs in the IT pack?
Some of the IT companies ended the week on a strong note as investors eagerly awaited their quarterly earnings. Stocks like Infosys, Mphasis, and TCS have exhibited favorable technical setups, suggesting the potential for significant upward movement in the coming days.
Media and realty stocks were among the top sectoral winners in the week. Any stocks on your watchlist from these two sectors?
Media and realty were the focal points of activity during the week. Stocks like DLF and Godrej Properties experienced a significant rally, while media stocks like Network18 witnessed strong demand throughout
