Nifty Record Highs, What's The View Of Market Next Week? | Sectoral Buying, Buy On Dips Approach

With that, let me also welcome on board our guest today. And we have Rajesh Parvya, Head Technical and Derivative Research at Axis Securities on the technical side. And we also have Mayuresh Roshi, Head Equity at Markets my India on the fundamental side of things. So gentlemen, thank you so much for joining us on the show. Rajesh, I'm going to come to you first. And like I mentioned earlier, you know, Nifty hitting record highs for three straight sessions. Nifty Bank above 5. Oh, oh, oh, oh, midcap, small cap have also been hitting record highs. You have sectoral moves, sectors also hitting record highs. Nonetheless, Nifty has been trading slightly range bound. So what do you have to make of this anomaly that we are seeing in the market and what's the view going ahead into next week? Good afternoon, good afternoon everyone. So Nifty restricted it's gain less than 1% week on week, but the way market behaved during the week, it was very, you know strong buying action across the board in the so many sectors. So that clearly giving us confidence key. There is a full of confidence on the you know, St. and retailers and participants are you know aggressively buying in the market. The sectors where we were seeing you know under performance in last couple of years, a sector like paper, fertilizer, even sugar and other sectors now they have started you know participating in this rally. So looking at the broader market, we are holding our bullish view, the kind of buying action across the sector which we are witnessing that clearly shows that you know this really can extend further and possible target for Nifty we can see towards 23,700 to 800 in the continuation of this up move. So buy on dip should be your strategy beyond the derivative data, the major call right major put writers are placed at 23,323 thousand 100 strikes. So these areas are likely to act as a major support area for any kind of you know minor DP happens in the market. So your stop loss should be placed at 23,200 to hold long position. On the higher side, 23,700 would be the possible target in the near term basis on the Bank Nifty. Still Bank Nifty is struggling to you know you break out decisive break out about 50,000 mark. So that's the challenging level at this moment based on the call concentration. So I think if a Bank Nifty starts a new week above 50 thousand 50,100 mark then there would be short covering action and then possible really can extend to 50,500 to 50,600 for Bank Nifty. Also though most of the banking stocks have shown some buying interest in this week. So I think next week we could see a really in the banking stocks and Bank Nifty can also start contributing to this upward momentum. At this moment, yes, we are holding bullish view for Bank Nifty. Your stock loss should be placed at 49,600 to hold long positions. OK, if you like this video then like, share and subscribe to ET Now.