PEL & Avanti Feeds Nagaraj Shetti’s 2 trading picks

Nagaraj Shetti, Technical & Derivative Analyst, HDFC Securities, says “expecting Nifty to move up further and next my target would be around 22,500 to 22,600 levels in the near term. The Bank Nifty has witnessed a sharp upside bounce after a small consolidation of last session and 48,000 is going to be the next strong resistance which will be the next target for the banking sector.”



What are your trades of the day?

Nagaraj Shetti: Nifty has been in a strong uptrend since morning as we observe and the overall chart pattern is looking positive. We have seen 22,300 – a new all-time high – in today’s session. The overall chart pattern is looking positive. I am expecting Nifty to move up further and next my target would be around 22,500 to 22,600 levels in the near term.

The Bank Nifty has witnessed a sharp upside bounce after a small consolidation of last session and 48,000 is going to be the next strong resistance which I believe is going to be the next target for the banking sector as well.

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What are your specific trades now in individual counters?

Nagaraj Shetti: I have two stock picks right now. First one is the PEL, Piramal Enterprises Limited. If you look at the chart of PEL, it has been continuously trying to move above the 200-DMA since the last many months and around Rs 930-940 levels has seen a strong resistance. Recently, we have seen higher bottoms and currently the stock price is around Rs 934-935, making an attempt at an upside breakout of the 200-DMA decisively. One can look to buy at this point of time and Rs 975, 980 is going to be the short-term target, one can place a stop loss of Rs 900.

Second one is Avanti Feeds. Chartically, this stock was in a small decline in the last few sessions and in today’s session it has witnessed a decisive upside bounce. Currently it is trading around Rs 535, 536 levels. In fact, it has moved up a little bit in the last few minutes and I am expecting this to reach up to the next upside target of around Rs 565 to 570. In the meantime, one can place a stop loss of Rs 515.

Roy Walsh

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