Domestic equity markets saw a strong opening and were hovering around record high levels on Tuesday. While the BSE Sensex rose above 58,400, the Nifty 50 index topped 17,400-mark and hit an intraday high of 17,438 for the first time. Mehul Kothari of Anand Rathi spoke to Money9 on the best way for investors to approach the current markets.
“Nifty has been consolidating but at the same time, individual stocks were participating and therefore we know the underlying bullish trend continues. We may see higher levels of 17,800 soon”, he said.
He also believes that the Nifty Bank has not really performed and seems to be lacking strength. We expect to see even 40,000 on the index once it comes out of its consolidation and it can achieve this level in a short span. The broader markets will continue to outperform in the near term.
On specific stocks in news he believes, the stocks of Zee Entertainment and Zee Media have jumped on the back of news development on board rejig, he believes the risk reward is unfavourable so one must not look at taking any new positions and wait for the news development to settle.
Kotak Mahindra Bank | Buy | Target: 1940 | Stop Loss: 1760
Lux Industries | Buy | Target: 4550 | Stop Loss: 3900
Inox Wind | Buy | Target: 110 | Stop Loss: 95
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