ETMarkets Smart Talk: Any dips in Nifty or Nifty Bank should be used to as buying opportunity: Nagaraj Shetti, HDFC Securities

Nifty50 settled the week on a high note after a strong run up during the week, despite a sharp profit booking on Friday. What is your look for the index next week? What are the key support and resistance levels a trader should note?

Though, Nifty declined on Friday, the near-term uptrend status of the market remains positive. After showing minor downward correction in the short term, the Nifty is expected to show upside bounce from the higher bottom. Important lower supports to be watched are 18550-18450.

Nifty Bank took a breather during the week. Do you see the banking barometer joining the party in the coming week? What is your take on it?

The overall trend of Bank Nifty remains positive and the present consolidation movement in the banking sector could end soon and the sector is expected to show up in the coming week.

What strategy should a trader consider for this month’s expiry for Nifty50 and Nifty Bank? How can they maximize their returns?

The underlying trend of Nifty and Bank Nifty remains up and any dips or intra-week downward corrections to be used as buy on dips opportunity. One may look to create long trading positions or may create a bull spread strategy in both the index to get decent profits.


Midcap and smallcap indices outperformed the benchmark indices during the week. What is their outlook on them? What will be your top picks from the midcap and smallcap segment, which investors can look at?

The broad market indices like mid cap and smallcap 100 of NSE have witnessed a decisive upside breakout of their key resistances in the last week.

There is a possibility of continuation of outperformance in both segments in coming weeks. I am expecting, IT, banking, energy and metal sectors and their major participants to outperform in the near term.


Metal stocks outperformed during the week. What is your outlook on the sector and how should investors trade in these companies? Do you have any recommendations?

Technically, the metal sector has witnessed a sharp upside breakout in the last week, after showing a minor consolidation movement. The overall pattern looks positive and one may expect further upside in the near term. Investors continue to bet on longs in metal stocks and intra-week downward correction could be a buy on dips opportunity.

What are your top stock picks for the traders in the short term?

Since the overall pattern of Nifty and broad market indices remains positive and the stocks like

, , , , , Reliance Ind, , , , , , are looking positive in the near term.

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)