Is it time to buy healthcare stocks? Rajesh Palviya weighs in
“If we analyse the healthcare space, it is looking very promising. Metropolis, Lal PathLabs, are looking very positive. The kind of breakout which we are observing on the daily as well as on the weekly time frame is bullish. So, I think these two stocks can do well. One can look to buy these stocks as overall structure for near-term to short-term is looking promising,” says Rajesh Palviya of Axis Securities. Edited excerpts:
ET Now: Well, the earnings season, we are just at the beginning of it. Give us an outlook of what you are pencilling in coming next week. We have important banking and financials as well as IT names coming out with their numbers next week. Give us a slight bit of a preview, a hint of what the street can expect.
Rajesh Palviya: So, if we analyse the overall market, still Nifty and Bank Nifty both are trading very well above to their near-term, short-term support area. Nifty almost close near to 22,500, that is the immediate support area where we are seeing based on the put concentration. So, till Nifty is holding about 22,500, 22,400, trend is likely to remain on the bullish side and buy on dip should be your strategy. On the higher side, once again, Nifty spot manages to cross above 22,650, 22,700, then this rally can extend further and a possible target we could see towards the 22,800 to 23,000 level also for the Nifty. The overall structure is bullish. Yes, there was some profit taking in today's session. But still, if we analyse the overall structure, trend is likely to behave on the bullish side in the coming week also. For Bank Nifty also, Bank Nifty also trading near to its important support area of 48,500.
