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The worst for the Nifty bank;  Positive on Pharma, it Indices: Goldilocks Premium Research


Gautam Shah, founder and chief strategist of Goldilocks Premium Research, said the worst could be over for Bank Nifty.

“In two years Bank Nifty hasn’t done anything substantial. But now there are concrete indications on the charts that the worst may be over. All we need is confirmation beyond 35,500. . Once we have that, you will be able to see a big move on Bank Nifty up to 37,500-38,000 and even beyond, ”Shah said.

He added: “So I’m a little bullish. I hope the charts are better placed on Bank Nifty and that could be the reason why Nifty rallies in January.”

Additionally, he mentioned that Nifty may see 17,600 and even 18,200 levels in the coming weeks. He explained that 16,000 is the new mid-term base for the Nifty.

“I see a lot of numbers at the lower end of the charts all we need is a past close to 17,250 and we are above it as we speak. So if the market is able to hold its own Above that number you are going to see an uptrend on the Nifty, that brings the Nifty to 17,600 and possibly even 18,200, “he said.

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On the clues, Shah continues to love the computer clue. “The IT index made a phenomenal comeback after three and a half months of consolidation. So that seems good. As 2022 dawns, computing is a clue that we continue to appreciate. The large-cap IT setup looks very solid. in the charts, ”he said.

It also remains positive on the pharmaceutical index. According to him, many pharmaceutical stocks are doing well now. He believes the pharmaceutical index can increase by 20% from current levels.

“The real dark horse or surprise in at least the first half of 2022 could be pharmaceuticals. It’s been in corrective mode for the past six months. The comeback in the past 10 days looks great. A lot of these major pharmaceutical stocks are turning from long term support and I think the pharmaceutical index can go up 20% from where we are now, ”he explained.

Shah felt that some pockets of the market are doing well. He likes auto accessories, textile and sugar stocks.

“In the mid-cap space, we’re looking at auto auxiliaries; we’re also looking at textiles, sugar, and fertilizers. I think those are the three or four pockets that we like,” he said.

Regarding metals, Shah said he is avoiding space for now.

“Some stocks in the metals sector might recover, but currently the focus should be on some of the other sectors of the market. So metals are for me to avoid,” he said.

Watch the accompanying video for the full interview.

First publication: STI


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