Nifty once again held 5600 and the short covering rally can be expected to continue in the coming trading session too.Though the downside targets are still unfinished nifty is likely to be stuck in the range for some more time and then inch up after 5th of November. If we look at the turnover data and bank nifty we could see the market is lacking cash based buying and most of the banking stocks are still waiting for good buying interest. Volatility data is showing some buying happening at lower levels but the premium in nifty is once again at the peak of 30-35 points and i would not be a buyer in nifty but many stocks are giving excellent trading opportunities. There are a few stocks which were in the buyers radar like TCS and Bharti which are expected to move up in the coming days. Bharti is expected to break out from the consolidation range of 280-282 and buying could emerge only above the zone and traders should watch out for good trading opportunities in this stock. TCS is also expected to break above 1315-1325 range which would attract more buying interest in the stock. Thus it could be worth putting some money in these stocks than nifty as there are unfinished targets on the downside and these stocks are not very much positively correlated with nifty.
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