Jubilant Food & 5 bluechip stocks Rajesh Palviya is betting on short-term gains

economictimes.indiatimes.com:

«We believe that furthermore upside momentum is going to continue in the coming week and possibly Nifty can scale up to the level of 19,350 to 19,400 in the continuation of this uptrend as most of the underperforming sectors are now contributing and market breadth has improved quite significantly,» said Rajesh Palviya of Axis Securities. Edited excerpts:Nifty crossed 19,200 on Friday session while Bank Nifty touched its all-time high level. So as per you what is the next stop?We have seen a very strong rally in the market.

Nifty is unstoppable. Looking at the data set up, short covering was clearly there at 19,000 strike. Call writers have covered their position.

Now 19,000 is going to act as a good support area for any kind of minor dip in the market. But looking at the data, we believe that furthermore upside momentum is going to continue in the coming week and possibly Nifty can scale up to the level of 19,350 to 19,400 in the continuation of this uptrend as most of the underperforming sectors are now contributing and market breadth has improved quite significantly. The smallcap, midcap, all segments are doing well.

So, renewed buying interest is now there on the Street. Looking at the confidence, sentiment and the sectorial rotation, we believe that this rally is going to continue further. On the Bank Nifty side, we are almost near to the next target of 45,000.