“I would expect Bank Nifty to continue to see leadership. We have seen that come through with but we are yet to see a catch-up in and Kotak. So, overall expect Bank Nifty to be the leader in the whole index as such,” says independent market expert Nooresh Merani. Edited excerpts:
Nifty is just 1000 points away from its all-time high and Bank Nifty has managed to give closing above that 39,000 mark. Bank Nifty did outperform Nifty this week but do you expect this outperformance to continue on the upside in the week that is lined up ahead?
I would expect Bank Nifty to continue to see leadership. We have seen that come through with ICICI Bank but we are yet to see a catch-up in HDFC and Kotak. So overall expect Bank Nifty to be the leader in the whole index as such and as for Nifty, till the time we hold above 17,450, the trend would remain positive. The first indications of a reversal come once we start below 17,600 which is roughly Friday’s low; till that point in time, it does not make any sense to be negative. One should continue to ride the move, keep trailing stop losses and overall we will keep seeing this sector rotation.
Nifty is just 1000 points away from its all-time high and Bank Nifty has managed to give closing above that 39,000 mark. Bank Nifty did outperform Nifty this week but do you expect this outperformance to continue on the upside in the week that is lined up ahead?
I would expect Bank Nifty to continue to see leadership. We have seen that come through with ICICI Bank but we are yet to see a catch-up in HDFC and Kotak. So overall expect Bank Nifty to be the leader in the whole index as such and as for Nifty, till the time we hold above 17,450, the trend would remain positive. The first indications of a reversal come once we start below 17,600 which is roughly Friday’s low; till that point in time, it does not make any sense to be negative. One should continue to ride the move, keep trailing stop losses and overall we will keep seeing this sector rotation.
Which sector can be the next that the traders can look forward to?
There has been a lot of buzz around opening up trade and in that, we were looking at Lemon Tree, Wonder La and other hotel names like
. Now, the next two names which look set for a breakout are and Chalet Hotels. Mahindra Holidays has given a short-term breakout above Rs 245-250 but a longer-term breakout above Rs 270 is about to happen over the next week. In that case, it should move towards Rs 300-350 in the short term; a stop loss to be placed at Rs 250. is again trying to make a breakout move above Rs 330-335 closing around those same prices. Once it sustains above these levels, the next target price would be Rs 380 which is the pre-Covid price for the stock; keep a stop loss at Rs 318 here.
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