Nifty Consolidates | Kunal Shah’s Buy & Sell Picks: Canara Bank & Voltas | Market Strategy - video Dailymotion

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00:00hi morning what's the market looking like i think it's a market which is just trying to rest

00:05consolidate i think your tone said it all yeah i think it's it's it's a market which is now

00:11plagued with a slight increase of news flow and two heavy positions uh no major sector uh you

00:17know positives which are coming across for the index in terms of the you know price movement

00:22or sector leadership you know you had a phase where auto stocks were leading you know quite

00:27strong psu banking stocks uh emerged to be the next you know candidates of breakout but then i

00:32think somehow the last one or two days you've seen that the sector leaderships have just gone to a

00:36bit of a you know a backseat and you're seeing more individual stock specific price action that

00:41generally happens when you expect the index to consolidate even on the data front there is no

00:46major change on the data except for the same you know trend that we are still seeing reduction of

00:51open interest but now i think incrementally any reduction of open interest for the current month

00:56would actually mean that you know rollovers to the next month uh you know start off the put call

01:01ratio for both the nifty as well as for the bank nifty is now below that one mark which means

01:06that the markets are going through a bit of a grind uh on the short term basis i would actually expect

01:1125,050 as a strong support uh and in case if we retest that levels over the next couple of days

01:16that could probably be a point where traders could look at a contra buy on the nifty

01:20so canal at a time like this when the index is so quiet but then there is a polarized move with

01:26adani names it on one hand and you know some of the benchmarks like a reliance sbi is well doing

01:32nothing at least yesterday or for that matter even lnt what would your stock strategy be so i think it's

01:38now a good time to now have a mixed strategy over here so you know earlier used to be more on the

01:43long side but now i'm initiating one buy and one sell the buy still remains on the psu banking counters

01:48and i believe that canada bank is the uh you know stock which is showing signs of relative strength

01:52out performance with respect to many of the other mid cap peers so i think in that sense i would

01:57still be bullish on canada bank for a target of 124 stop loss could now be traded to 115

02:02and voltas on the other hand has been a huge underperformer now there was this you know

02:06expectation of positive price action for voltas uh you know on the back of new slow round gst etc but

02:12then the stock has disappointed and you know we've seen multiple attempts towards 1430 mark

02:17the stock has unable to scale past about those levels and every time it tries to

02:21reach this uh this particular territory it goes into a corrective mode so i'm expecting a mild

02:26correction to the stock over the near term 1350 uh as a target stop loss could be kept at 1390

02:31okay so that's the take coming in on the stocks that kunal is um having views on right now one buy and

02:37one sell call coming in in fact we

02:39you

Nifty Consolidates | Kunal Shah’s Buy & Sell Picks: Canara Bank & Voltas | Market Strategy

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