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Nifty has strong support at 5240-5250: Aditya Birla MoneyThe Indian market has been rangebound over the last couple of sessions. In an interview to CNBC-TV18, Hemant Thukral of Aditya Birla Money says, 5,240-5,250 are strong support base for the Nifty. Share . Email . Print . A+A- Book profits around 5,380-5,400.Hemant ThukralNational Head-Derivative Desk Aditya Birla MoneyThe Indian market has been rangebound over the last couple of sessions. In an interview to CNBC-TV18, Hemant Thukral of Aditya Birla Money says, 5,240-5,250 are strong support base for the Nifty. "On the higher side, real challenge will start from 5,380, till 5,450," he adds.
According to him, traders should utilise opportunities towards 5,280-5,300 to get into the market and book profits around 5,380-5,400.
Also read: Expect Nifty to be rangebound this week, says Udayan
Below is the edited transcript of his interview with Udayan Mukherjee and Sonia Shenoy.
Q: What is the range that you are foreseeing for the Nifty now?
A: If we plot the Put and the Call writers, the way the positions are being placed currently, it is signaling that last week, week-on-week, 5,300 Put was the highest where addition was seen; 41 lakh shares were added up. So, if you adjust the premium, 5,240-5,250 form a strong support base for the Nifty.
On the higher side, real challenge will start from 5,380, till 5,450. So, now, after moving sharply, you have got a range where the Nifty can consolidate for some more time. So, traders should utilise opportunities towards 5,280-5,300 to get into the market and book profits around 5,380-5,400. I think this range may continue for atleast three-four more trading sessions.
Q: How are you approaching PSU banks like State Bank of India (SBI) or Bank of Baroda (BoB)?
A: If you check the bank index chart and the PSU bank index chart, it is giving a huge divergence. I think this divergence will continue. Aggressive short positions continue in these stocks, whether it’s SBI, Punjab National Bank.
If you check out Bank of Baroda, on Friday, it has seen very aggressive short positions. It was trying to form a very strong base around Rs 635-640 mark. Now, it has broken below that. So, I have a feeling that it will retest its three months low of Rs 615. I will be worried, if it goes below Rs 615. So, I would recommend going short, keep a stop loss of Rs 635 from where it has given a breakdown now. The first target should be Rs 615 and then they can trail the target further.
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