Missed the bull rally? You still have chance in IT, pharma stocks: Sumeet Bagadia

economictimes.indiatimes.com:

Sensex and Nifty have hit record peak levels, some investors are still having FOMO because the stocks in their portfolios have not yet performed well enough. Sumeet Bagadia, Executive Director, of Choice Broking, says that there are opportunities in IT and pharma stocks which have yet to perform.

“Those who are chasing this strong momentum have better opportunities in IT sectors where many stocks like Infosys, Wipro, and TCS are yet to perform. There are also some stocks in the pharma sector where the move is about to come,” he says in this chat with ETMarkets.Edited excerpts: With a rally of around 500 points in just 4 trading sessions this week, do you see signs of Nifty being at overbought levels? What are the targets for the week ahead? The recent bullish momentum in Nifty, with a significant breakout and strong closing above the previous all-time high level, suggests a positive sentiment in the market.

The confirmation of the cup and handle price pattern, along with higher time frame candlestick patterns supporting the breakout, adds further credibility to the upward movement. However, given the rapid rally of around 500 points in just four trading sessions, it is reasonable to consider the possibility of Nifty being at overbought levels.

It's important to keep in mind that markets can experience periods of overextension before a potential pullback or consolidation. In terms of targets for the week ahead, it would be speculative to provide specific levels without considering additional factors, market sentiment, and upcoming economic events can all play a role in determining short-term price movements.