Markets have been maintaining a kind of momentum since morning. What do you expect on the expiry day? Will we end in green?
Rahul Sharma: So, it seems like Nifty has broken out from the last five weeks of consolidation that we have been. 25,222 was the previous stop. We managed to close above that yesterday and today we are seeing a follow-up round of buying that is happening, especially in banking and financial names which have been the leaders in the market since this up move began a few months back. Now, what is also very strong is Reliance which is also broken out from the range and could very well be heading for another 5% to 6% gain in a quick span of time. So, net-net Nifty seems like it is heading towards the 25,800 mark.
This is a breakout that has happened after many weeks, so we expect the move to be quite decent as well. So, the view is to remain positive. As far as Bank Nifty is concerned, we expect this index to also head higher. 58,500 is where we are eyeing the targets on an immediate basis and 60,000 is something that we may expect towards the end of July, possibly one month from now. So, both Nifty and Bank Nifty, Fin Nifty also on the back of Bajaj twins seems like they should do well from here. So, we maintain a positive outlook on the index after the recent breakout that has happened.It is quite an interesting time for the market because who will say there are so many geopolitical concerns, global tensions with the market, Indian markets are showing its signs of positivity. Nifty, the levels we did see today and, in fact, yesterday 25,200 and above, last I think we did see these levels in October 2024. Considering all of these, if we have a look at the indices and then take it from there to the sectors as well as the stock specific recommendation, what are the stocks on your radar?
Rahul Sharma: It is quite an easy market given the kind of momentum that finally we are catching up with. So, the first stock on the radar on the long side is, obviously, Reliance Industries. The stock can head towards the target of 1550 on the upside, can be bought with the stop loss placed at around 1475. Apart from that another stock that looks good from the metals pack is Hindalco. The stock has broken out from again a multi-month consolidation happening since March and now we feel that the probability is high for the stock to head towards 725, 730 on the upside. So, Hindalco is another stock that can be bought at these levels, stop loss placed at 645 and again, 5% to 6% upside can be had over here. So, Reliance and Hindalco are our top two picks which can be bought in this market.
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You mentioned about the levels of Nifty. I want to draw your attention towards Bank Nifty as well. Which are the levels you are watching on your technical check?
Rahul Sharma: Yes, so Bank Nifty has been leading the market, in fact hitting a new all-time high, even before Nifty did. So, this time also we do not expect it to be any different and Bank Nifty could very well be heading towards the 58,500 mark. 58,500 is where we are targeting as the first target for Bank Nifty, above which even 60,000 is possible in the next few weeks’ time frame. So, for short-term traders, it is best to be long in Bank Nifty at this point in time and a quick 1500 point rally can be expected in the short term.
