“So, we will wait for a breakout or breakdown for market to decide in which direction it could trend for more 1% to 3%, but right now if we have a level based approach, then on Nifty if it breaks 24,700, then the view is negative and if on the upside Nifty breaks 25,050, then the view would turn positive. Both these levels are levels on Nifty futures,” says Aditya Arora, Adlytick.
Do you think 25,000 is a possibility today and where do you see the markets in the next couple of weeks as well?
Aditya Arora: I think markets are pretty volatile these days. Yesterday, we saw Bank Nifty rise about 1000 point and then fall 1000 point. So, market is pretty indecisive right now. Global cues are little negative and domestic cues are positive. Hence, market could not find the direction where it wants to go. So, we will wait for a breakout or breakdown for market to decide in which direction it could trend for more 1% to 3%, but right now if we have a level based approach, then on Nifty if it breaks 24,700, then the view is negative and if on the upside Nifty breaks 25,050, then the view would turn positive. Both these levels are levels on Nifty futures. So, one must watch out these levels for clear-cut directions.
Do you think 25,000 is a possibility today and where do you see the markets in the next couple of weeks as well?
Aditya Arora: I think markets are pretty volatile these days. Yesterday, we saw Bank Nifty rise about 1000 point and then fall 1000 point. So, market is pretty indecisive right now. Global cues are little negative and domestic cues are positive. Hence, market could not find the direction where it wants to go. So, we will wait for a breakout or breakdown for market to decide in which direction it could trend for more 1% to 3%, but right now if we have a level based approach, then on Nifty if it breaks 24,700, then the view is negative and if on the upside Nifty breaks 25,050, then the view would turn positive. Both these levels are levels on Nifty futures. So, one must watch out these levels for clear-cut directions.
Your top recommendations?
Aditya Arora: I feel markets are pretty volatile, so I have chosen few low beta counters. First one is Torrent Power, one could buy this at 1633, stop loss is 1540 and target is 1720 to 1800. And second one is Eris Lifesciences, one can buy this at 1124, 1080 is the stop loss and 1200 is the target.
