Working target for Nifty@22,300; focus on 5 sectors now: Gautam Shah
Gautam Shah, Founder & Chief Strategist, Goldilocks Premium Research, says “now our high conviction bet is SBI. It can do something special in 2024 if you want to just pick one stock among the largecaps. So given this view, banking as a space should do well and that should keep the entire market safe. You know, if the banks are strong, the Nifty is strong. If the Nifty is strong, generally the entire market is steady.”
Shah further says: «On the Nifty itself, our working target is about 22,300. As we get close to that number, it might make sense to take some profits off the table and maybe work with a trailing stop-loss of 21,200 or even, if somebody's comfortable, 20,900. So while the index might not be so relevant right now, there are opportunities in a lot of sectors, banks, IT, pharma, metals, infra, power where one should focus on without looking at the index much.»
Looking at your latest report, it says a new high is quite a feat. But going by what you have put out in the report, you are talking about the Nifty Bank and IT sector batting for the bulls and therefore it becomes easy for the Nifty to rally. So given the kind of rally that we have seen at 21,700 levels, is that going to only sustain as per your analysis?
Gautam Shah: Well, when we put out the message that new highs being quite a feat, we meant after what happened last Wednesday because there was so much talk and chatter around the market fall of a single day.
