Talking about the future state and direction of the market Chandan Tapadia, Head – Equity Derivatives & Technicals, Motilal Oswal Financial Services Chandan says that with the support of 23750, we are taking the target of 26850. But if we talk about the overall immediate basis, the market is shifting towards a higher base. Volatility index India VIX is cooling down on both sides. SIP flow is intact in the market. Chandan further said that an immediate base is being formed in Nifty at the level of 24850-25,000. Going forward, Nifty can soon show the level of 25750-26000. Whereas in the long term, Nifty can show a target of 26800.
Chandan Taparia says that in the boom of the market IT, FMCG, Pharma and select auto stocks There will be an increase in the uptrend. Talking about Bank Nifty, Chandan further said that the momentum will be seen in the overall market uptrend. Support is being formed around 50500 in Bank Nifty.
Which stocks to bet on
In the banking sector, Axis Bank’s stock will be seen taking the lead compared to other banks. In the last series, a short position was created in Axis Bank and short covering was also seen in the stock. Axis Bank was seen making a bottom from the level of 1123-1125 and showing the level of Rs 1160-1170 and now this stock is holding the level of Rs 1200. Due to which this stock will be seen supporting Bank Nifty. Axis Bank can show a target of up to Rs 1250. For this, place a stoploss at Rs 1175.
Chandan is also liking SBI stock among PSU banking shares. Chandan also sees the possibility of ICICI Bank stock rising from the current level. He says that the stock can show a good breakout. It has a handle around Rs 1260. The stock has reached the level of Rs 1260 four times in 25-30 days. If the stock crosses the level of Rs 1260, then a target of Rs 1320 can be seen in ICICI Bank.
Invest money in these shares in BSFI segment
Chandan Taparia said that re-rating has been seen in the BSFI segment. A triangle breakout has been seen on the weekly chart in Bajaj Finserv and Bajaj Finance and this breakout has been seen after many months. With the support of Rs 1835 in Bajaj Finserv, a target of Rs 2000-2050 can be seen in this stock.
Support remains at Rs 7430 in Bajaj Finance. A target of up to Rs 8000 can be achieved in this. On the other hand, buying can be done in M&M Financial for a target of Rs 350.
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