Talking to ET Now, market professional Vinay Rajani from HDFC Securities highlighted the technical resilience of the Nifty, pointing to a robust restoration from current lows. “So, good restoration from the decrease stage. Nifty partially stuffed the hole which was shaped on the third February on the again of the US-India commerce deal and that hole was partially stuffed and Nifty bounced again. So, a typical hole has acted as a assist space and now Nifty has witnessed a 500 factors restoration from that stage,” he stated.
Rajani added that the index stays structurally robust, supported by key technical indicators. “So, Nifty is wanting very robust as it’s nonetheless holding above 20, 50, 100, and 200 days’ shifting common, in order that means additionally it is extremely robust,” he famous.
He additionally identified that broader markets are starting to take part extra actively within the rally, aided by the nearing finish of the earnings season. “Broader markets are gaining power. We’re on the fag finish of the end result season, getting over, in order that can be signal for the broader markets as a result of many of the negatives and positives have been discounted and now broader market can enhance their participation on this rally,” Rajani stated.
On the outlook for the benchmark index, Rajani maintained a bullish stance, citing robust assist ranges. “So, on the Nifty we’re bullish. We really feel that there’s a robust assist round 25,600 and with that cease loss one ought to proceed to carry on to the lengthy place and we expect Nifty to hit an all-time excessive above 26,373. So, general, issues are fairly robust and broader markets have began taking part. So, we’re bullish available on the market with a cease lack of 25,600,” he added.
Turning to sectoral and stock-specific alternatives, Rajani stated metals stay a transparent outperformer within the present market part. “Sure, so steel is the house which is constantly outperforming. So, out of that section metal shares have began performing properly and getting momentum on the charts,” he stated.
He highlighted Metal Authority of India (SAIL) as a most popular buying and selling choose. “So, Metal Authority of India, SAIL, is wanting very robust to me. Round 160 one can take entry, for buying and selling cease loss may be stored at 157, on the upside I’m anticipating a short-term goal at 166,” Rajani stated.Within the PSU banking house, Rajani recognized Financial institution of Maharashtra as one other inventory displaying power. “The second inventory I’d choose from the PSU banking house, that’s Financial institution of Maharashtra, which is wanting fairly robust. So, after some small consolidation it’s making an attempt to renew its major uptrend. So, round 66.80, 66.90 one can go lengthy, I’d recommend a cease loss at 65 for the buying and selling, on the upside I’m anticipating a right away goal at 70,” he added.
With each frontline and broader indices displaying sustained power, market members stay cautiously optimistic, watching key resistance ranges whereas selectively specializing in outperforming sectors equivalent to metals and PSU banks.
