By Kapil ShahTechnical analyst, Emkay Global Financial ServicesThe 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 levels.
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.