INSUBCONTINENT EXCLUSIVE:
By Kapil ShahTechnical analyst, Emkay Global Financial Services
The Nifty is expected to trade in the range of 11,100 to 11,500 for August
series with a positive bias
It implies that the market will retain a positive trend, according to technical analysts
UBL, Petronet LNG, LIC Housing Finance, IGL PTC can be bought for an upside potential of 15-20% in next few months, they said.
Where are
weThe Nifty is broadly driven by large-cap stocks wherein major participants have been IT, financial services, energy and FMCG stocks
In recent up-move, the leading mid-cap stocks are also performing well and joining the party.
What is in storeNifty is going from strength
to strength and now having broad based participation from largecap and mid-cap stocks
As long as Nifty sustains above 10,920 level, it can be considered to be in the positive zone and an upside potential can be up to 10,500 to
10,600 level in the coming days
Majority of the sectors like private banks, energy, FMCG are having positive breakout; whereas auto and metal sectors stand at support
Mild sense of reversal has been observed on PSU banks and pharma sectors.
What could investors doInvestors can continue to retain positive
bias towards market and new entrants can take baby steps with small exposure and expand their portfolio in intermediate decline
Some sweet spots in the market seem to be GAIL, SBI, Axis Bank and Marico and contra view can be adopted in Glenmark.
