Stay Long on Nifty and Qual­ity Growth Stocks

The Economic Times - - Disruption: - AK PRAB­HAKAR NA­GARAJ SHETTI

Make or Break: Nifty 7972 is high of 2016 and if that level is breached then 8340 would be the next level to watch out for. So Nifty’s 7972 is ‘make or break’ level for both the bulls and the bears. If 7972 is not crossed by April 26, then sell­ing pres­sure would be very high. What Could In­vestors Do: The re­sult sea­son has started and the mar­ket has ral­lied 15% from the low­est level and the sea­son has started on a sub­dued note. Qual­ity growth stocks should be in fo­cus — In­fosys, HCL Tech­nolo­gies, GAIL, Petronet LNG , M&M Fi­nance, Fin­pipe, Supreme In­dus­tries, Kokuyo Cam­lin, As­tral Poly Tech­nik, Coro­man­del In­ter­na­tional are few stocks we like. US pres­i­den­tial elec­tions and Brexit are two global events which the mar­ket won’t be able to ig­nore for a long time. What Is In Store? Nifty wit­nessed an ex­cel­lent up-move dur­ing cur­tailed last week and gained by around 3.91%, on WoW ba­sis. The up­side break­out of key re­sis­tance with the for­ma­tion of huge up­side gap and long-range bull can­dles sug­gest that a sharp up­side rally is un­der­way. What Could In­vestors Do: Nifty is now on the way to­wards the next set of cru­cial re­sis­tance of around 7980-8000 lev­els by this week. A de­ci­sive up-move above 8000 could pos­si­bly open up the next up­side tar­get of 8350 in the next 4-5 weeks. One may con­tinue with long po­si­tions in Nifty/sec­tors/stocks for the next one month and buy on dips. Bank­ing, au­to­mo­bile, me­tals, realty, in­fra, FMCG and health­care sec­tors are ex­pected to out­per­form in the near term.

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