on
Friday Nifty
recovered and closed with solid ground after minor shock earlier in
the week. The rally which continued on Friday pushed Nifty to prior
high of 5630 shows positive sentiments of the market. Indian
Government holding strong on economic policies also brings confidence
in investors. The breakout seen above 5,631 has shown signs of
bullish trend of higher side. The short term trend is on bullish side
and index on course to hit immediate target of 5,750-5,800. Experts
believes that traders may shift focus to sectors such as banking,
infra and real estate due to shift in the preference in high beta
sectors.
To
build long positions in companies such as SBI, L&T, Reliance,
Infra, ICICI Bank minor corrections may be used. CNX Bank Index index
also showed bullish trend and trigger level of 10,950. Experts
believes that CNX Bank index is to hit next target of 11,900. From
trading perspective public sector bank appear to be more reliable and
promising. If index falls below the support at 10,300 it may be
threat to bullish view.
Stocks to Watch -
L&T
– This stock has already hit the target of 1,450. The present price
scenario indicates that uptrend would continue and likely to hit next
target 2,850 likely. Traders can buy it with stop loss of 1485 with
initial target of 1850 and a breakout of past 1850 may trigger rally
to next resistance of 1930.