Rajesh Palviya on key market trends and trading ideas for the coming week
Nifty can continue its upward momentum towards 26,000, the next major call concentration area. At this point, one should trail a stop loss towards 25,550 to hold long positions. 26,000 is the immediate target, which could be achieved in the next couple of trading sessions,” says Rajesh Palviya, SVP Research (Head Technical & Derivatives) Axis Securities. Edited excerpts:
ET Now: What do you think about this particular week that we have seen play out and what are you really penciling in for next week? Are you expecting a correction or consolidation? What do you see happening next?
<div data-placement=«Mid Article Thumbnails» data-target_type=«mix» data-mode=«thumbnails-mid» style=«min-height:400px; margin-bottom:12px;» class=«wdt-taboola» id=«taboola-mid-article-thumbnails-113551215»>Rajesh Palviya: Looking at the breakout on both indices, it is clear that we have witnessed a strong short-covering action on Friday, and the way global markets have behaved in the last couple of days, our market has also managed to break out to a new all-time high trajectory. We believe this momentum can extend further. As we head into the expiry week, sectoral rotation is evident, with underperforming sectors starting to participate. The major contribution to this rally came from the banking space, with Bank Nifty gaining around 3.75% this week. We've already seen strong short-covering action in private sector banks.
If there is a catch-up rally from PSU banks, it may provide further support to Bank Nifty, possibly extending its gains. We believe Nifty can continue its upward momentum towards 26,000, the next major call concentration area. At this point, one should trail a stop loss towards 25,550 to hold long positions. 26,000 is the
