Jatin Gedia of ShareKhan on Wednesday said that the ongoing upward move in Nifty50 could extend towards 23,200-23,250 levels. "At these levels, the selling pressure can resume as the overall trend is still on the downside. The trend reversal confirmation is not there at this point in time. So, we are in for a bounce or a counter-trend rally, however, the overall trend still remains bearish for Nifty," the market expert told Business Today.
Gedia shared his views on select stocks, ranging from the recently-listed ones to securities depositories. When asked about NTPC Green Energy Ltd shares, he said, "An upward move towards Rs 125-127 is required for a trend reversal. Investors should monitor these levels." NTPC Green shares were last seen trading 2.63 per cent higher at Rs 113.15.
In response to a query on Bajaj Housing Finance Ltd, the market specialist said, "A decisive move above Rs 123-125 can only trigger a trend reversal. One can consider the stock above the mentioned levels." Bajaj Housing's stock was up 3.87 per cent at Rs 115.45.
Answering a question on Bharat Electronics Ltd (BEL), Gedia said the stock has tested its support zone of Rs 250-255 and thereafter is witnessing a pullback. "There's is a scope for continuation of this upward move towards Rs 288-292. Traders can buy BEL shares at current levels, keeping a stop loss placed at Rs 256," he added. BEL was trading 3.31 per cent higher at Rs 266.75.
For Central Depository Services Ltd (CDSL), he said the counter may slip towards Rs 1,200-odd level. "The price structure is weak and there's no sign of a trend reversal as of now," the market expert also stated. CDSL shares were up 1.31 per cent at Rs 1,281.15.
Gedia also spoke about Computer Age Management Services (CAMS) Ltd and BSE Ltd shares. "In the case of CAMS, the structure is negative and there's no real signs of a trend reversal. Investors should avoid it at the current market price. On the downside, it can slip towards Rs 3,600 in the near term," he said. CAMS shares were up 2.31 per cent at Rs 3,807.40.
The market expert underscored that BSE shares are comparatively stronger among these capital market-related stocks. "Strong support is emerging at Rs 5,000. Those holding can continue to hold it with a stop loss of Rs 5,000," Gedia stated. BSE's stock was up 1.72 per cent at Rs 5,245.60.