Will upward momentum in IT stocks continue? Aditya Arora answers
«So, the early trends are very encouraging. And if we had to compare Nifty and Bank Nifty, then Bank Nifty looks really good and is in a good position to touch new 52-week highs,» says Aditya Arora, Adlytick.
It looks like this week, unlike the previous weeks, we started on a good foot. But where do you see the markets trading at this point in time, the range that you are seeing for the benchmarks?
Aditya Arora: We can see that on the screen and what I like today is the leadership in a lot of largecaps and the leadership by banking name, which is pulling Bank Nifty almost 1000 points higher, Nifty almost 200 points higher. So, the early trends are very encouraging. And if we had to compare Nifty and Bank Nifty, then Bank Nifty looks really good and is in a good position to touch new 52-week highs.
Apart from that, there have been multiple stocks that have been buzzing in trade, be it Power Finance Corporation, Biocon obviously there are fundamental reasons behind it. But technically, how is the PFC looking like on the charts?
Aditya Arora: PFC is looking good. But if we look at the trend of the Nifty, then overall the market is in corrective structure. So, whatever bounce back comes on individual stocks, it is usually short-lived in the current scenario, at least that is what we saw in October. Right now, the structure for PFC is good. But 500 is an important resistance for the stock where a lot of call writers are active. So, I would maintain neutral to positive stance on PFC.
What is your take actually on
