Top trading ideas: Now JM Financial’s Director & Head of Research Rahul Sharma has joined us to talk about the technicalities of the market. Talking about Nifty and Bank Nifty, Rahul Sharma said that today the target of this entire rally of Nifty has been achieved. There was a gap at 24956 on the daily chart. Today this gap has been filled. Call writers were at 25000 and Nifty has come there. Nifty has achieved all its targets of this series. Nifty will rise further but before this rise, some profit booking can be seen in it. Now we should focus on the banking index. Now we can see good moves in the banking index. Bank Nifty can see the level of 52000. Now we should shift our focus to Bank Nifty.
Focus on banking and metal stocks
He further said that the market’s focus will now be on Reliance’s AGM, macro data, monthly expiry. Now the market’s focus will be on those stocks and sectors in which targets have not been achieved so far. Now we should focus on banking and metal stocks. Now we can shift from mid and small caps and become overweight in large caps. The large cap rally has just started. This momentum will be seen increasing in the next month.
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Rahul Sharma’s top picks
Rahul further said that he has a plan for the coming days Top Picks Reliance Industries The stock has crossed last week’s resistance of 3020. Now this stock can be seen going up to the level of Rs 3100 to Rs 3150. New purchases can be made in this stock with a stoploss of Rs 2980.
Rahul’s second top pick is Escorts Kubota. Rahul sees a very good setup for this stock. The stock has formed a rounding bottom on the daily chart and is ready to cross the level of Rs 4000 in the short term. Place a stoploss of Rs 3850 on this stock.
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