Anu Jain vice president of IIFL Private Wealth Management says that the market is now in the best series it has had in many months now. She picks Wipro from the IT sector, which began the big burst in the market, and says, “I would play Wipro with a one month or a three week target, and since, its results season, would be cautious and use the dips to buy into it.” As the market saw a move in cement stocks, she suggests, “Among all the names,HCC still makes a trading buy.”
While real estate has been the dark horse this series of the market, Jain says, “The market has overbought the sector and it is dangerous to get in at this level. However, if one was to play as a trader, one can look at dips though I would stay away at the moment.” On the auto sector, she feels, “One would kind of watch it and then wait for a dip for a fresh entry.”
She also says that incase of a pullback in the Nifty, “You should look out for 5,550-5,574 levels, according to the retracement theory.” She further adds that the market is overbought and prefers to “sit aside for few days and see if the market can cross 5,800 which is a keen resistance.”
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