Domestic benchmarks BSE Sensex and Nifty 50 were trading at new record high levels on Thursday, weekly F&O expiry. While the Sensex hit a historic high of 58,907.78, the Nifty 50 index surged to a new high of 17,576.90. All sectors barring the media were trading higher and the broader markets were seen outperforming the markets. Shivangi Sarda of Motilal Oswal Financial Services spoke to Money9 on the best way to approach markets at record levels.
“Bulls have been driving markets higher, the charts are looking positive and one can look to accumulate as there are no signs of corrections. Short call writing can be seen on the index giving comfortable upside. Banking stocks also seem to be bottoming out supporting the markets”, she said.
Among the sectors, IT, Chemicals and banks are in action. The auto sector she believes, the worst is getting behind and also the PLI scheme is encouraging. Tata Motors looks promising to her on charts.
Tata Chemicals | Buy | Target: 900 | Stop Loss: 835
SBI | Buy | Target: 443 | Stop Loss: 433
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