Here's why Vishal Malkan is bullish on metal sector
«I think if you look at the overall market rally in the last one year, it has been very sector specific,» says Vishal Malkan, malkansview.com.
What do you make of this? Do you think this breakout is something that can take us to much higher levels or do you see that perhaps there is a bit of a buying fatigue at play, people are waiting by for the earnings to set in? What is your view for the index in the very immediate term, let us say one week?
I think the way Nifty has been performing above that 22,700 mark is commendable. It is staying above that with volumes and there is broad participation also from midcaps and the big banks, as well as the metal sector.
So, I think it will sustain and next one week looks good. We can look at the target of 23,000-23,100 in the next few trading sessions for Nifty.
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What is your thought also on the broader markets, is that something that one could watch out for and anything interesting on that front?
Yes, I think if you look at the overall market rally in the last one year, it has been very sector specific. Now, in the last year, we saw that infrastructure and the realty sector did very well and now the sector rotation is happening and we have seen that metals have taken the lead. So, I think we should go with momentum trading.
