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Edited excerpts:
We entered the Nov collection and ended the month of October collection with fairly a little bit of gusto, 900 factors increased and with a achieve of just about 5 proportion factors. However do you assume this can proceed within the month of November or not?
We anticipate the pattern to stay constructive for the index in addition to for the broader markets. It’s simply that the momentum will not be nice. We’re not seeing a pointy transfer throughout any of the names as such. We’re seeing a gradual and regular transfer and there’s a lot of rotation. Now one inventory within the Nifty has lastly taken management, which is
. The most important weight within the Nifty has lastly given a short-term breakout. The remainder of the names like HDFC, and ICICI, Kotak, and so forth, even the IT pack remains to be trendless and we aren’t seeing any momentum over there however at the least we now have began seeing at the least one heavyweight take some management. So as soon as we see extra management, we may go in direction of that 18,000 mark on the Nifty and for now 17,600 stays a assist. So for now anticipate this vary to proceed and the broader market also needs to do effectively as soon as we’re accomplished with the speed hike bulletins, that are there subsequent week the world over.
What do you assume would be the pattern going ahead, is there any identify from the FMCG pack whether or not , which is now at 350 stage, or every other identify from the FMCG and IT pack that you just like?
So aside from ITC nothing comes up on the technical radar by way of momentum, slightly a lot of the names are exhibiting sideways or downward developments. For instance, a brand new 52-week excessive and an all-time excessive on
and the subsequent day the inventory flops out, so in that state of affairs you do not need to be collaborating in a sector which is in any case low beta and in that it isn’t exhibiting any additional value momentum or slightly taking a slowdown drift. It is extremely clear that ITC is the one one which is exhibiting relative energy out right here so ITC appears just like the promising one in FMCG.
Equally within the IT pack the view is like I’ve been saying for a while. No extra unfavourable on the sector however it’s a sector the place you wish to purchase the dips slightly than shopping for after a 10-15% bounce. We have now seen a great 10-15% bounce in a lot of the shares, would await a dip and retest, say one other 3-5% down in a few of the names to purchase.
The one inventory which comes nearer to an entry level is
, which has not seen a really sharp rally, however nearer to 3000 to 2900 is a assist. So out right here one might be it as an accumulate, however not as a commerce in a giant method in IT.
For now it’s focussing past the FMCG and IT names, going in direction of the remainder of the pack. We have now seen the power index give a breakout right this moment, so the brand new rotation might be extra on the power names like Reliance in addition to energy.
The place do you see headed now? Given the truth that it surpassed the 9400 mark, do you assume that 10,000 is simply across the nook for ?
Anticipating 10,000 however there’s lots of resistance which I anticipate at 10,000 as a result of that was the highest again in 2018, two occasions it topped out round that space in addition to a serious psychological mark. So I anticipate this to go and check 9800, 10,000. However I might not be a purchaser at present ranges as a result of the danger reward will not be nice after right this moment’s transfer and would anticipate some little bit of a correction from 10,000 ranges.
Total a dip nearer to 9250 is the place I might be searching, however the pattern has clearly turned in direction of constructive and the momentum additionally may be very sturdy right this moment.
What are your high bets for the approaching week?
So two largecap names, first is a purchase on Mahindra & Mahindra, given a breakout above that 1280, 1300 mark, continues to be the chief within the auto pack, a cease loss at 1280 and a goal value of 1450. Second is a purchase on Reliance Industries which has given a flag breakout above that 2500 mark. Anticipating it to check the current highs of 2640 odd, a cease loss at 2500 right here.
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