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Domestic markets BSE Sensex and Nifty 50 were trading firm on Wednesday, a day before weekly F&O expiry. While the Sensex hovered around 58,400, the Nifty 50 index topped 17,400-mark. The midcaps outperformed while the Nifty Bank was trading lower. Mazhar Mohammad of Chartview India spoke to Money9 on the best strategy investors must follow in the current scenario and what to expect for markets for the day.
“The Nifty traded in a very narrow range yesterday and seemed to lack conviction at higher levels which is slightly worrying. I expect markets to remain volatile going forward unless we see a decisive close above 17,400 levels, there is no trade I would recommend. Beyond that, I see the Nifty to move towards 17,800, however if we slip below 17,200, we could see a short term down swing in markets”, he said.
He believes there is no trading opportunity on the index, one can in fact look at some opportunities in large-caps especially from the capital goods space. He likes L&T from the space for investments. Among others sectors, he believes the auto sector seems to be moving in to the fast lane.
Philips Carbon | Buy | Target: 265 | Stop Loss: 243
SBI | Buy | Target: 449 | Stop Loss: 425
LT Foods | Buy | Target: 70 | Stop Loss: 63
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