Nifty & Bank Nifty in correction zone; Meghana Malkan's 2 picks
Meghana Malkan, malkansview.com, says the first pick that I will be looking at is Maruti. I like the way the pattern seems to be building up in Maruti. 11,300 seems to be a good stop for me as of now technically and I would look at a target of 12,500, so that is one pick. Second, the realty sector looks good to me. DLF seems to be a good pick from realty, Right now it seems to be at an all-time high. If I buy with a stop of 800 to 810, I would easily look at a target of Rs 900 plus if I build on the same trade advice.
We are seeing markets being at a one-month low. How do we go about the markets hereon?
Meghana Malkan: Broadly, I feel both the major indices, Nifty and Bank Nifty, are in a correction zone right now. The major reason being the multiple divergences on the oscillators. Volumes do not seem to be matching going along the price range. I believe there is some kind of disparity in the price volume as well. Nifty can find good support around 21,700. One could choose their strategy stock-specific or sector-specific but broader markets look to be a little in the correction zone.
When it comes to specific indices, Nifty IT has been seeing pressure because of stock-specific action in TCS. But Nifty FMCG is one index that has been continuously on a declining trend. Do you expect a turnaround going forward, given that on the fundamental side, analysts are expecting demand to bounce back in the second half of this calendar year?
Meghana Malkan: It could, but technically if you see, there are no bottoming or
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