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Stock Analysis, IPO, Mutual Funds, Bonds & More

Stocks like HDFC Bank, ICICI Bank & HDFC looking good

Nifty is near to breaking out of its correction phase and start a new journey above 12100 levels.

ET CONTRIBUTORS|
Nov 18, 2019, 07.34 AM IST
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So, 12100 is a very crucial zone to look for from a technical point of view.
Vishal Wagh Research Head, Bonanza Portfolio

Where We Are: The market is trading near to 11900 levels. It has tried to break 12000 but has failed to do so and witnessed some profit booking. At the same time there is robust demand seen near to 11770-11800 levels and Nifty has managed to bounce back. Within this time markets have also witnessed a spurt in oversold scrips. Many of them have given returns of over 30 per cent from the recent bottom within a very short span.

What Is In Store: Nifty is near to breaking out of its correction phase and start a new journey above 12100 levels. So, 12100 is a very crucial zone to look for from a technical point of view. This is a level where the bulls and bears will fight to defend their territories. In future and options, the participation from major players is absent and money flow has shifted towards oversold stocks. So, one can see much more momentum in the cash market. On the derivative side, there is highest open interest in 12000 CE and 11600 PE. So, the range will be 12050-12100 on the higher side and 11600-11650 on the lower side.

What Could Investors Do: As long as Nifty sustains above 11700 on a closing basis, the trader may trade using the buy-on-dip strategy with an upside expectation towards 12100 and 12270. Closing below 11700 will bring bears back on track. Avoid buying in smallcaps and small midcaps; be with strong stocks which are due to bounce back or already in a rally. At the same time avoid defensive sectors now as it will underperform. Financial and banking sectors are looking strong to go long. The stocks like HDFC Bank, ICICI Bank & HDFC are looking good.
(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)

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