Three stock recommendations from Rajesh Palviya for the coming week
We believe that Bata India can extend its game and 1480 is the target where we are focusing for the stock, says Rajesh Palviya of Axis Securities. Edited excerpts.
We saw alternate day of gains and alternate day of losses over the week. Is this a sign of continued consolidation, or do the recent gains indicate the start of a sustained positive trend?
<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-115839565»>It was the very first day for the December series and the rollover was on the slightly higher side, but series on series it is a negative close, so short buildup was there in the data for Nifty. Looking at the kind of recovery, which we have witnessed in the very first day of the series, if we are able to hold out 24,000 level for the next couple of trading sessions, yes, there could be further more buying action we can see in the market. It is also possible that Nifty may attempt to cross or negotiate with the earlier resistance area of 24,350 to 24,400 that is the challenging level as of now for the Nifty. If at all Nifty crosses 24,400, then yes confidence will back on the street and then again fresh buying action we may witness in the market and possible rally can extend to 24,600-24,700 zone also.
But from a near-term perspective, it is going to remain in the range only. The range where we are seeing Nifty based on the call put concentration is 23,900 on the downside and 24,400 on the higher side. This could be the possible range for the next couple of weeks, either side breakout will decide the major direction for the market from here onward. Even for the Bank
