SENSEX
NIFTY 50
Hang Seng
Taiwan Weighted
MCX GOLD JUN 04
MCX SILVER MAY 05
USD/INR
EUR/INR80.0630

SENSEX
NIFTY 50
NIFTY MIDCAP 100
S&P BSE MIDCAP
Hang Seng
Taiwan Weighted
DAX
Nasdaq
MCX GOLD JUN 04
MCX SILVER MAY 05
MCX CRUDEOIL MAY 19
MCX NATURALGAS APR 27
USD/INR
EUR/INR
GBP/INR
JPY/INR

Closing Bell: Sensex ends 244 points lower, Nifty below 14,300 dragged by IT stocks; broader markets outperform

Asian shares at highest since early March, weak dollar boosts commodities

Oil holds near one-month highs as demand forecasts raised

Rupee rises 23 paise to 74.64 against US dollar in early trade

Nifty needs to get past 14880 level to see range breakout, says Gautam Shah; lists out four best sectors

Updated : April 08, 2021 01:50 PM IST

Nifty has to get past the 14,880 level to see a range breakout and if that happens, the momentum is only going to get better for a move towards 15,500, said Gautam Shah, Founder and Chief Strategist at Goldilocks Premium Research.

“14,880 now becomes a very obvious level because the market has corrected from it a few times in the last ten days. A breakout is coming and if index does get pass 14,880, the momentum is only going to get better for a move towards 15,500,” Shah said in an interview with CNBC-TV18.

Shah continues to work with bullish mindset.

“There is a lot more upside. The broader markets are looking extremely strong and the participation is getting better and better,” he stated.

He believes in the last one month, the market has gone through a well-behaved correction.

“In the last seven-eight sessions, it has been all about COVID-19 versus the earnings expectations, the liquidity aspect and the fact that global markets have been very strong,” he said.

In terms of metals, he said, “Six months back I spoke about metals being the Dark Horse and at that point of time, the fundamentals were just picking up on the ground. Post that you have seen this phenomenal rally across the board, momentum is great, it can continue for some more time but in terms of risk reward I don’t see an opportunity at these levels. We are recommending our subscribers to book some profits and move to some of the other sectors.”

He sees immense opportunities in IT and pharmaceuticals sectors. “IT and pharma are going to be the flavours for the next couple of months,” he said.

There is an opportunity in auto and some of the stocks can move up 5-12 percent in the near term, he shared.

For Shah, IT, pharma, banks and chemicals are the four best picks in today’s markets.

For full interview, watch the video...

Published : April 08, 2021 01:50 PM IST

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