Stocks to buy: Kunal Bothra shortlisted 3 sectors that could push Nifty above 17,500 next week
Market expert Kunal Bothra said in an interview to ET Now that what matters for the market, be it the traditional sector or the three major sectors like auto, FMCG and banking. edited excerpt
It has been a great performance so far for the domestic indices, but is this momentum likely to continue or will consolidation in store now?
This momentum should continue for the indices. It was a good two weeks for the markets where the momentum has turned quite strong for the indices as well as for individual stocks and sectors. There has been a classical churn in the last three-four weeks starting with Auto, FMCG, and now you are seeing sectors like Metals and IT leading the charts. It is always a happy sign that you see a sector churn in a sort of uptrend on the indices. What matters for the markets, along the way, be it the traditional sectors or the three core sectors Auto, FMCG and Banking – I think if these three sectors manage to go up from where they closed last week, So there is a very high chance that Nifty may move up to the level of 17,500 and beyond. Now the responsibility of going up the markets will depend heavily on these three key areas.
You talked about the key sectors that will be in the headlines but what about individual stocks?
A few names that I would recommend as a buy to Coal India, which I would recommend as a buy. I think this is a very interesting chart. The stock has given a classical breakout. what does it remind me
That was when after several months of consolidation, the stock almost crossed Rs 200. I am expecting something similar, short term target Rs 225, stop loss Rs 200. This is also another name that I think has popped up in many of my trading lists as well, so it would also suggest a buy target at 1,080 near term stop loss at Rs 1,020.
Is there any more steam left when it comes to Bajaj Twins, Star Health?
Yes, I believe there is more steam left for many of these stocks, but then you have to choose the time to enter these trades. You can’t just randomly buy these shares on momentum as there will certainly be periods where these stocks can come in consolidation of a few days. , Can Fin Homes and Star Health have all started well for themselves – the only catch here is what time you enter. It’s better to wait for those odd phases in the middle of the day when these stocks turn in a mild correction, with an average of half a cent-1% correction.