Kunal Shah translates market rally, shares 3 leading stock concepts for week ahead

Bluechip stocks are anticipated to sustain their outperformance in the future, with Nifty target of 22,000 and Bank Nifty target of 50,000, states Kunal Shah, senior technical & acquired expert at LKP Securities. In this interview, he likewise notes out SBI, IDFC Ltd and Graphite amongst the leading choices for the week ahead. Modified excerpts. The marketplace rally now looks Teflon-coated. Do you see some combination around 21,200-300 levels considered that FII circulations might decrease due to Christmas and New Year vacations in the West? Open Leadership Excellence with a Range of CXO CoursesOffering CollegeCourseWebsiteIIM LucknowIIML Chief Executive Officer ProgrammeVisitIndian School of BusinessISB Chief Technology OfficerVisitIndian School of BusinessISB Chief Digital OfficerVisitThe Nifty index is showing robust momentum, poised for additional advantage. Immediate targets on the benefit for Nifty are set at 21700/22000. Traders and financiers are recommended to see any market dip as an appropriate minute to start long positions, lining up with the dominating bullish belief. Provided the reality that 90% of leading 500 stocks are above 200-DMAs and Nifty is trading 10-11% greater than 200-EMA, do you believe we remain in an overbought zone? Awesome continues to show a robust undertone, recommending the possibility of continual momentum in the near term. Historic information analysis exposes that the Nifty’s momentum indication RSI has actually experienced corrections when reaching the level of 80. Presently, the RSI is trading at 70, showing there is still space for more upside prospective towards the 22,000 mark before possibly coming across a correction. Clever IT has actually been the greatest recipient of the rally and was up 4% in Friday’s session. What does the trajectory appear like when you take a look at the charts? Awesome IT index has actually just recently experienced a substantial breakout on the technical chart, supported by considerable volumes. The marketplace characteristics went through a noteworthy shift following the United States Federal Reserve’s statement of 3 expected rate cuts in the coming year, adding to favorable momentum in the IT sector. The existing outlook recommends that the outperformance of the Nifty IT index is poised to continue, possibly driving the index towards the 37,000 mark. Much is taking place on the blue-chip side offered the FII circulation. Do you believe that smaller sized stocks could now underperform? Blue-chip stocks are anticipated to sustain their outperformance in the future, with a N
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