“I think this is going to be the overall range for the next two to three days, that is the 23,000 between and 23,500 on the higher side,” says Soni Patnaik, JM Financial Services.
What is your understanding of the market mood right now? We scaled a fresh record high. Are we headed to 23,500 now?
I think yes, we can definitely test 23,500. However, there is not a lot of upside room left from current levels to 23,500. In terms of a risk reward ratio where one can actually initiate longs because your support is around 23,100, 23,000. So, for any fresh entry on the indices, it is better that just wait for a small dip, correction, maybe around 23,200 one can initiate the longs, then you can keep a stop loss of 23,000 and again you can see it bouncing back to its 23,500 odd level. So, I think this is going to be the overall range for the next two to three days, that is the 23,000 between and 23,500 on the higher side. But within select stocks and pockets which are the top recommendations right now?
The first pick would be in the pharma space, we are seeing quite good momentum here today, so pharma you can see Syngene which is giving you a good fresh breakout above 700 level so I think it is looking quite positive from current levels to test higher targets of 720, 725.
What is your understanding of the market mood right now? We scaled a fresh record high. Are we headed to 23,500 now?
I think yes, we can definitely test 23,500. However, there is not a lot of upside room left from current levels to 23,500. In terms of a risk reward ratio where one can actually initiate longs because your support is around 23,100, 23,000. So, for any fresh entry on the indices, it is better that just wait for a small dip, correction, maybe around 23,200 one can initiate the longs, then you can keep a stop loss of 23,000 and again you can see it bouncing back to its 23,500 odd level. So, I think this is going to be the overall range for the next two to three days, that is the 23,000 between and 23,500 on the higher side. But within select stocks and pockets which are the top recommendations right now?
The first pick would be in the pharma space, we are seeing quite good momentum here today, so pharma you can see Syngene which is giving you a good fresh breakout above 700 level so I think it is looking quite positive from current levels to test higher targets of 720, 725.
So, there is also fresh option chain breakout which has come in Syngene above 700 levels, so one can keep a stop loss of 695 and a target of 725 to 730 can be seen.The second pick would be from this metal space, which is Tata Steel. So, Tata Steel has given a record fresh high. It is looking quite strong. It has even broken above 180 level today, so going forward it can test 188 to 190 levels. So, from current levels one can buy Tata Steel keeping a stop loss of 176 and a target of 188, 190.
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