So, the market is in a choppy zone today. Before you give us you took your picks for the day, I wanted to understand the levels of support you looked at today APPEARANCE And the bank is good.
Rajesh Palviya: So, looking at the setup, the market is to take a little bit of this juncture as a concentration of calling 25,000 is unable to break market. So, until the steps of more than 25,000 levels, some unity is likely to be there. But on downside 24,800 tend to act as a major support area while the main post-based-based concentration that comes with 24,800 to 24,900.
So, these levels are likely to act as a good place of support. So, maybe a couple of days we can see the consolidation in a strict 24,800 to 25,000. Even the side breakout or breakdown will decide the main directions for good. The bank of the bank also strives to get support to about 55,000 which is immediate-based concentration based on home.
So, until we held more than 55,000 for good bank, some buy-in-the-shopping interests come again in these 55,300 levels, we can find some brief bank in the bank. But also, watching bankstorms well, they are also in conjunction mode.
So, perhaps for more than 54,900 to 55,500 can range for bank banks for consolidation over the next few days. Transfer stocks we target in this juncture, some action-shopping action appears in oil and gas space also, so Chennai Petro looks attractive from spaces. The way the stock has managed to give a breakout to the unbreakable head and shoulders of each week as well as daily chart, we believe this momentum can still extend.
So, Chennai Petro can be assessed to buy a possibility of sight. We select Target at 740, keep your cessation at 655. The second stock we focus is Clal India.
Here also has a breakdown of contracting the triangle on the daily chart. Long build has in derivative data and stock has made breakout at previous swing above, can also find carbons in India, so a person can also buy the road to the Indian Road to 409.
Today, metal as well as a partially hanging in the back of the flip-flops with the US and present trade recovery, this healing trade well continues to have been accustomed to China the United States. Where can you see the heading of metals and how investors look at this feature in terms of investment?
Rajesh Palviya: Indeed, metals are in the uptrend and if we examine most of the stocks acting on the sloping channel. The way most of the large stocks from metal space is placed in this juncture, we believe that we can see keeping moving.
While we look at Tata Steel, the stock is almost now negotiated with the former long swing high placed at about 160 levels. So, any step above 160 can get this stock higher than 168 to 170 zones. Therefore, Tata Steel It’s also nice to see from this basket and also a hindalco one can focus on this stock. Here we also find that the stock continues to make the highest high, low-forming a week chart since last weeks, it clearly indicates that there is a continuing purchase of this counter.
If Hindalco continues to maintain a long 650 mark, the next target for Hindalco is about 690, 700 class zone. So, the metal is a space where one can focus. Many opportunities are there. Jindal Steel and Power also sells on top of its breakout level.
So, for the possibility of sight, this stock is also looking attractive. On a weekly chart, there is a break with contracting triangle and stocks placed on weekly charts, we believe a stock with a high go to 990 to 1020.
I also want to ask about deals with counters in which we look at profit booking, counters like Cochin shampelyMazagon Dock, garden reach, Dynamics Bharatnearly 3% to 7%. Bel, we see good results but however there is a pressure on the counter. Good time to start a purchase or your mind that is time for the profit booking and maybe just give it a time to make it fixed a strategy, what do you suggest?
Rajesh Palviya: Post this India-Pakistan Geopolitical Tension, We Have Witnessed Very Strong Rally In Most Of The Defense Stocks, Be It Hal, BDL, Bharat Dynamics, Bel, All These Stocks Have Shown Very Sharp Run Up In Last Couple Of Days.
Those who buy it for trading sight, they can book some income because some cool off actions are on this counter because we have witnessed. So, some cool actions will be. But those who look at this stock for the possibility of view or for medium-term for long-term sight, they can use it reduced as an opportunity to shop.
To buy an overflowing manner. Most stocks hold their close, short term breakout at level. So, if you get another 3% up to 4% kind of cool effect from the current market price should be used as an opportunity to buy for the sight of buying all these defense counters.
Our desired choice of this space can be Bharat Dynamics as well as Bharat Electronics. This two stocks are very promisingly promised based on their long-term chart structure. So, any reduction in another 3% to 4% will be a good opportunity to re-enter Bhharat Electronics as well as BDL.
