Gautam Shah, Founder, Goldilocks Premium Research spoke to Money9 and said, “It is a very unique scenario we are seeing in markets, as they have been trading in a range of 300 odd points in the entire month of June which is 2%. I don’t remember the last time I have seen this. the jury is out on whether this is consolidation or distribution. I want to believe that this is a strong bull trend that goes through pauses from time to time. An outcome of this range is likely in the next 5-10 trading sessions. Whichever way the breakout happens the next 5% move should be in that direction”
He also believes that markets are still a ‘buy on dips’ even though the phase of easy money making is behind us but believes the banks have to participate if the Nifty needs to move beyond 16,000.
“Once 15,900 is taken out, one can see a move towards 16,250 – 16,600”, he added.
On the unlock trade and how should investors approach this theme he said, “Markets are way ahead of the fundamentals as we saw this with metals and IT stocks. I believe the worst for the unlock stocks is behind us. Hopefully, with vaccinations progressing, we may not see the third wave. So one can look at Indian Hotels, Delta Corp, aviation stocks like Spicejet, Indigo as their potential upside for the extreme long term is substantial.”
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