Mehul Kothari of Anand Rathi, while talking on the further condition and direction of the market, told Moneycontrol that there is still a possibility of going up in the Nifty PSU Bank Index. At the same time, it would be advisable to stay away from IT and Oil and Gas for some time now. The reason for this is that after the recent rise in them, now some profit recovery can be seen. In this conversation, he said that Kotak Mahindra Bank and Axis Bank can perform well in the coming weeks. Similarly, some specific metal stocks may also remain on the radar of traders after the recent fall.
Talking about the further direction of the market, he said that at this time nothing difficult is visible for Nifty. From a technical point of view, if Nifty manages to close above 18,300, then we can see 18,800 and 19,000 levels soon. On the downside, there is strong support for Nifty between 18,000 and 17,800.
Talking on the banking space, he said that Bank Nifty is currently moving around its big hurdle. Once this hurdle is broken, Bank Nifty will see further upside. In this conversation, he said that if we look at the big picture of the market, then there is a lot of potential. Investors would be advised to adopt an investment strategy on the downside. However, short term traders would be advised to wait for a while. After one thing becomes short term bottom, try your luck in the market again.
Mehul Kothari’s Investment Advice
Axis Bank Mehul advises to buy this stock with a stop loss of Rs 790 if it gets above Rs 228. A level of Rs 910 can also be seen in the coming 3-5 weeks.
IDFC First Bank Mehul is of the opinion that buy this stock around Rs 50. For this, put a stop loss of Rs 45. This stock can be seen going to Rs 60 in 3-5 weeks.
PC Jeweller- This stock is included in Mehul Kothari’s top picks. His advice is to buy it when it is available around Rs 29. Put a stop loss of Rs 26. In 3-5 weeks this stock can be seen with a target of Rs 35.
Reliance Industries While giving his opinion on Reliance, he said that now there is some exhaustion in this stock. Despite the losses, we are of the opinion to wait for any downside near Rs 2500. Buy a new one only after getting this level. Those who have these shares, stay tuned.
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