Nuresh Merani, an independent technical analyst , emphasized that at the moment, the Nifty is in a consolidation phase, remaining in the same range for a significant period indicating growth. However, he highlights that the situation is still favorable as long as the Nifty does not fall below 16,750-16,800 and that there is potential for an extremely positive move around 17,400.
Merani explains that the market has remained in a similar range for some time, with the possibility of a significant change if the Nifty surpasses 17,400 points. He notes that in the short term, the situation remains positive as long as the market avoids falling below 16,750-16,800 and momentum (or momentum) reaches extremely positive levels around 17,400.
As for the main bets for next week, Merani expresses optimism regarding the banking sector. He highlights two main options:
- Axis Bank: Merani sees the potential for a break above 820 points, which has been a resistance in recent years. He projects a price target of Rs 900 in the short to medium term for Axis Bank.
- RBL Bank: Although it is a bit early in terms of a breakout, Merani believes a significant breakout will occur for the stock above 130 points. He mentions that despite a correction in recent years, RBL Bank has demonstrated strength in recent days even in a falling market. The stop loss is placed at 121 with an initial target price of Rs 140.
Merani highlights that these recommendations involve a risk-reward analysis and that investors should be aware of entry and exit levels when considering these positions.
