Nifty, Bank Nifty can drift lower; 2 top stock picks now: CA Rudramurthy

economictimes.indiatimes.com:

CA Rudramurthy BV, Vachana Investments, says “I will be a buyer in ICICI Bank, look at the current market price of around 940 to enter, keep a strict stop loss of around 925 and look for targets of Rs 1,000 on ICICI Bank. My second buy call is on Escort. Yes, this stock has now seen over 5% correction from its higher levels where it was earlier and I will be a buyer in Escorts at current market price or on any slight dip, keep a tight stop loss of around 3,140, look at targets of 3,300 initially and even 3,500 to come on Escorts.”
19,480 was an important mark for the index given it was October lows. That seems to have been breached and we have not seen a lot of buying momentum come back. Given it is the expiry week, do you expect this sort of consolidation to continue?
Definitely, yes, some amount of correction and retest of those lows of the September month series on index can definitely be seen and today, we are seeing a continued sell-off in broad-based market, both midcap as well as smallcap indexes seeing more beatings on the downside compared to what we see on the index Nifty as well as Bank Nifty.

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So, for me, if the Nifty closes below 19,430, today then it is headed towards those levels of around 19,250 where the strong long-term support lies and Bank Nifty also can head towards levels closer to 43,300. So, yes, this market can drift downwards and test those crucial support of around 19,200 to 19,250 on Nifty and at around 43,300 to 43,350 on Bank Nifty.

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