rajesh palviya: Right here’s what Axis’s Rajesh Palviya has to say on the highest inventory picks for the week

“ is now having fun with an all-time excessive trajectory, and the type of momentum we have now seen in at present’s session clearly reveals that now the inventory can transfer greater in direction of 840-850 zone,”
Rajesh Palviya,
Head, Technical & Derivatives, Axis Securities

Nicely, 17,000 has been scaled relating to the Nifty, and Financial institution Nifty can also be trying robust, at the very least on the finish of the week. Have issues modified materially? Or this was simply on account of the oversold scenario that we had seen firstly of the week?
The start of this sequence was with a really mild notice like we have now seen a brief constructed up was there for each the indices. However submit the RBI coverage, once more we have now witnessed an enormous short-covering motion available in the market and put writers had been aggressive at round 16,800-16,900 and the 17,000 strike, which clearly reveals that now, after a major corrective motion within the second-half of September sequence, consumers are once more again with robust motion in at present’s session. After at present’s shut, sure, the construction is improved. We predict that the momentum is prone to proceed in direction of 17,300, which is the subsequent quick resistance space. We predict that one other 200-point upward momentum may be seen within the coming week for the Nifty. One can preserve now a stop-loss at round 16,950 to carry their lengthy positions. When you discuss Financial institution Nifty, it has additionally witnessed a short-covering motion. Wanting on the setup now, 38,400 is prone to act as a very good assist space and if that degree holds within the coming week, presumably the subsequent goal for Financial institution Nifty is at round 39,200 to 39,400 on the upper facet. So, total shorts are popping out of the system, short-covering motion is there available in the market at present, and we anticipate that upside momentum is prone to proceed within the coming buying and selling session. So, one ought to stay lengthy with a cease loss, as talked about, like 16,950 for Nifty and 38,400 for Financial institution Nifty.

What are your high picks for the week?
First inventory is from the telecom house and that’s Bharti Airtel. The inventory is now having fun with an all-time excessive trajectory, and the type of momentum we have now seen in at present’s session clearly reveals that now the inventory can transfer greater in direction of 840-850 zone. So, one can ‘purchase’ Bharti Airtel. Robust short- protecting was seen in at present’s session. So, preserve a cease lack of 770, ‘purchase’ Bharti Airtel. The second inventory is from the auto house. We have now seen some corrective motion within the latest previous within the house, however

has taken assist from its 20-day shifting common and now the inventory is once more approaching in direction of its latest swing excessive. Wanting on the setup and the energy within the close to time period in addition to on the short-term chart, we really feel that Eicher Motors can present extra upside momentum in direction of 3,750-3,800. One can ‘purchase’ with a cease lack of 3,600. One other inventory is Backyard Attain Shipbuilders, GRAC. It has proven very robust shopping for motion because the final three buying and selling classes. The shares is forming greater excessive formation. It’s shifting above all its essential short-term and near-term shifting averages. Wanting on the value motion, we really feel that the inventory can rally farther from the present degree in direction of 375-380. So, one can ‘purchase’ GRAC with a cease lack of 340.