Thu. Jul 25th, 2024

Aditya Arora, Adlytick, says the market is doing pretty well. I have two stocks from smallcap, midcap space which are actually high beta counters. So, Zomato is a buy at Rs 129; Rs 120 is the stop loss and Rs 149 to 160 is the target. Second one, Aarti Drugs from the pharma space, which we just discussed, so that is a buy at Rs 490; Rs 470 is the stop loss and Rs 520 to 550 is a target.

How are you seeing the Nifty and the Nifty Bank? Are you expecting them to consolidate at these levels?
I would go with what you are saying. After a stellar rally, now markets are looking to consolidate and digest those stellar gains. We have almost seen a vertical rally, a parabolic rally. Now it is very good if the market consolidates here with 1% deviation up and downside. That would be the texture of the market given right now and there are times when you make big bets, given that there is good upside and there are times when the market is in a no trade zone. So, the market right now is in no trade zone, wherein you do not have a decisive trend, but the market is consolidating and that is the view on the indices.

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How do you see the Nifty Pharma index after being an underperformer the previous week? We are seeing the highest gains today. It is up around 1.3 odd percent?
Nifty Pharma looks good after a period of no performance. Now it is breaking new highs. We had a previous swing high of 16,385, today it is showing strength and moving beyond that. So, I think there is more strength over here. We can see upside till levels of 17,300 to 18,000 and stop loss for the same should be maintained at 16,200. So, I think components of Nifty Pharma actually look good.

Everyone is talking about the big banks versus IT debate. Which side of the pendulum will it move? We are seeing a comeback in the IT index, just like the way we are seeing for the pharma index and banks. Everyone has been pinning hopes on banks’ recovery leading the markets higher. What is your take? Do you think banks will take the lead from IT index now?
I think definitely. Bank Nifty is going to be the leader of the market. Given we had seen very good fundamentals, very good price action in the banking sector, I think banking will take the lead going forward and IT would be a rebound trade. I do not see scope for a fresh bull market in IT, but a fresh bull market in banking is intact wherein we are seeing fresh 52-week highs and commentary is pretty positive and fundamentals are pretty good and we have very good growth rate.

I think it is a bull market in the banking sector, but IT is a rebound trade wherein you play ranges., I would go with banking if the view is long term and if the view is short term, then IT could be a good bet.

Do you have any stock picks for our viewers?
Absolutely. I have two stocks with me. The market is doing pretty well, so I have two stocks from smallcap, midcap space which are actually high beta counters. So, Zomato is a buy at Rs 129; Rs 120 is the stop loss and Rs 149 to 160 is the target.

Second one, Aarti Drugs from the pharma space, which we just discussed, so that is a buy at Rs 490; Rs 470 is the stop loss and Rs 520 to 550 is a target.

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