Time to deploy 'Buy the Dip' strategy for big gains: Dharmesh Shah
«Maybe near-term resistance at 25,700, 25,800 cannot be ruled out, but buy the dip should be the strategy. Eventually we expect Nifty to head towards 26,200 in the coming weeks. So, yes, buy the dip should be the strategy,» says Dharmesh Shah, ICICI Direct.
Let us begin by discussing some of these large private banking names itself. ICICI Bank making fresh records high. HDFC Bank, a powering move of around 2%. What do you make of this strength in Bank Nifty and do you expect it to continue in the coming week?
Dharmesh Shah: We believe this momentum should continue. And if you look at the Bank Nifty, I think that has given a major breakout and we expect this Bank Nifty to head towards 55,500 for the near term. So, yes, Nifty looks positive. Maybe near-term resistance at 25,700, 25,800 cannot be ruled out, but buy the dip should be the strategy. Eventually we expect Nifty to head towards 26,200 in the coming weeks. So, yes, buy the dip should be the strategy.
And overall, how do you see what should one make out of the market because after four-five days of consolidation, we again see fresh record high coming in, five days back we had seen that 500 points move. Again, today we are seeing a similar 300 points move. What should one understand of this market and how should one prepare for this October series for that matter?
Dharmesh Shah: So, if you look structurally, yes, you need to be structurally positive. And inside the structural bull market, corrections are part and parcel, which we have witnessed in 2024, where
