Nifty Momentum strong; 26,000 possible by Diwali: Rajesh Palviya

The stock markets remain floating with Nifty that hits 25,400 this week. Analysts believe that the rally could stretch next week, which marks a fourth consecutive week of profit.

Mark expert Rajesh Palviya now said in an interview with ET: “Looking at the wider market and width, there is a good chance that Nifty ends in green for another week. Every movement of 25,450-25,500 can cause short coverage and push Nifty to 25,750.”

He added: “We cover long positions with a stop loss at 25,250. For this series, our goal is 25,550-25,700.”

Palviya remained cheerful on the possibility that Nifty hits 26,000. “If the question improves with the GST rollout, 26,000 is possible by Diwali. Mid -caps and small caps show the trust of the buyers and 25,200 will be an important level to view.”

Bank stocks continue to support the rally. “PSU and large private banks show a strong traction. Sectors such as it, metal, chemicals and real estate are also doing well,” he noticed.

Palviya said about the rotation of the sector: “Banking and financial data should lead in the coming week. PSU banks and leaders such as SBI display strength. NBFCs such as Bajaj Finance, Bajaj Finserv, and L&T Finance also look strong.” In addition to financial data, he emphasized opportunities in power and chemicals. “NHPC, Tata Power, Suzlon and others show accumulation. Chemical shares such as Tata Chemicals, SRF and Navin Fluorine can also see the purchase interest.” Share on stock choices, Palviya, “Suzlon Energy is broken on the map and can go to 66, with a stop to a higher highs and a stop to a higher highs and a higher highs and a stop to a higher highs. 1,315–1.325, with a stop loss on 1.245.

With a festive feeling that improves, looking at investors when Nifty can support the run and the 26,000 Mark can approach Diwali.