Rajesh Bhosale turns cautious on RIL, sees short-term weakness continuing
HDFC Bank
, but we sense that this momentum is likely to be led by the
ICICI Bank
," says Rajesh Bhosale, Angel One.
Tell us what is your view particularly on the indices at present
Nifty
and
Bank Nifty
?
Rajesh Bhosale:
So, yes, if we see definitely a green day for the markets. Friday, we had a weak closing for both Nifty and Bank Nifty. Despite that, there was no follow-up selling and in fact, from the crucial 50 EMA, both Nifty and Bank Nifty has bounced back. If we see Bank Nifty, it has already crossed its Friday's swing high. So, definitely we sense that this positive momentum can extend. So, for the Nifty 24,900 to 25,000 is the key support. As long this support holds, we expect Nifty to bounce back towards 25,200 to 25,250. So overall, Nifty is trading within the range of 24,900 to 25,250 and since we are at a lower range, buy on dip would be preferred for the higher targets.
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As far as sectors are concerned today, MDB is the formula. M for metals; D for defence, and B for banks, leaving private banks otherwise banking sector is doing quite well. I want to ask you if you have any picks in these three sectors.
Rajesh Bhosale:
Yes. So definitely, private banks are leading the charge for today's session, especially the ICICI Bank and HDFC Bank. HDFC Bank is still trading in a trading range. But if we consider
ICICI Bank
, it is almost on the verge of a channel breakout. It has been trading in a consolidation for last two months, but it is now testing the high range. And if we consider the RSI momentum indicators, possibly this positive momentum is likely to extend, so bullish on ICICI as well as
HDFC Bank
, but we sense that this momentum is likely to be led by the ICICI Bank.
I also want to know your view on Reliance Industries. It was though a mixed one can say a quarter for the
Reliance Industries
where profits did surge on the back of Jio's strong show. What is your view because there are a lot of sectors which we need to analyse while we take care of the
Reliance Industries
in particular.
Rajesh Bhosale:
Yes, so definitely, there is weakness in Reliance and the rally that we had seen during the mid-June that has been fizzled out and in fact both the short-term as well as medium-term moving averages has been breached. So, we do expect further weakness in the Reliance, possibly Reliance can retest the levels of 1400. So, as of now the view would be to wait on to buy.
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