Chartist Talks : 23,000 to be a cakewalk for Nifty given the broader market participation, says Shivangi Sarda

Chartist Talks

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Chartist Talks : From the expiry point of view one can go for the buy-on-decline strategy to play the upward bias in the Bank Nifty, says the MOFSL analyst.

Nifty has moved up by more than 3,800 points in the last six months and buying was visible at any small dips. Hence, moving forward, 23,000 will be a cakewalk given the broader market participation, Shivangi Sarda, analyst – equity derivatives & technicals, broking & distribution at Motilal Oswal Financial Services (MOFSL), said in an interview

Among stocks, she feels the base of Rs 400 is quite strong for Jubilant Foodworks. One can look for it as a slow mover but a safer portfolio stock, she says. Chartist Talks

For the weekly expiry, Sarda, who has more than six years of experience in technical research, advises that one can go for the buy-on-decline strategy to play the upward bias in the Bank Nifty.

Do you expect the Nifty to consolidate before climbing towards the 23,000 mark? Also, will it be an easy journey for the index to surpass the 23,000 mark in the coming days? Chartist Talks

Nifty has moved up by more than 3,800 points in the last six months and buying was visible at any small dips. Follow-up action is strong in the index, and the good part is that action has been seen across the board in this bull run. Chartist Talks

Nifty recently touched a fresh high of 22,783 levels, which is a result of the recent consolidation breakout of the upward sloping channel of the last 15 weeks. Moving forward, 23,000 will be a cakewalk given the broader market participation. Chartist Talks

Is it the time to start accumulating Jubilant Foodworks?

The stock has consolidated in the last two years and has shown comparatively less momentum. The base of Rs 400 is quite strong and buying interest can be seen emerging at these levels. One can look for it as a slow mover but a safer portfolio stock. Chartist Talks

Do you think 55,000 is a crucial mark for the Nifty FMCG index to get into a strong upward journey?

Nifty FMCG index has been making lower highs from the last three months and has been moving at a snail’s pace in this fast-paced rally of the broader market. It needs to surpass the 55,000 mark for it to again surpass its range crunch of the last 10 weeks. Selective heavyweights are helping it to hold on to the higher zones after the continuous rally of the last four years. Chartist Talks

Is Mahindra & Mahindra looking overbought now?

Mahindra & Mahindra has been an outperformer for the last four years along with the tailwind from the entire sector. This space has shown signs of resilience and looks sustaining at higher zones.

M&M has surpassed its higher band of Rs 2,130 zone with a good amount of volume surge. It is respecting its 50 DEMA (Rs 1,947) and with a strong closing indicates a further upmove and a fresh leg of the rally. Chartist Talks

What is your trading strategy for the Bank Nifty for the next week’s F&O expiry?

Bank Nifty has recently touched a fresh all-time high of 49,974 levels and bulls can be seen active across heavyweight private and PSU banking names, which is aiding the momentum in the index. Chartist Talks

Now it has to continue to hold the 49,000 zone for an upmove towards 49,750 and then the 49,975 mark, while on the downside support is seen at 49,000 then 48,888 levels. From the expiry point of view one can go for the buy-on-decline strategy to play the upward bias. Chartist Talks

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. Chartist Talks

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