Anuj: What about canada goose outlet canada the Bank canada
Mitesh Thacker’s top picks outlook on Nifty
Below is canada goose jacket outlet sale the verbatim transcript of Mitesh Thacker’s interview to Latha Venkatesh, Sonia Shenoy Anuj Singhal on CNBC TV18.Latha: What is your view canada goose outlet london of the Nifty as you stand today? We know it is an evolving idea but at the moment does the Nifty look like it will reach out to the 9,000 levels canada goose jacket outlet or does it look like it will stop short?A: If you were to take a slightly medium to longer term kind of perspective, my sense is that we have done one leg of the correction on the Nifty. The question is that whether we canada goose outlet us continue this canada goose outlet england downward correction and possibly break canada goose outlet sale and test lower levels or do we bounce back. Overall for this year canada goose outlet vancouver or at least for the next few months, getting passed 8,550 8,600 zones from a medium to longer canada goose outlet legit term perspective would be quite tough. Once we canada goose outlet black friday sale do that that should trigger some kind of an upmove on the upside but my initial feeling or look at the chart canada goose outlet 80 off structure canada goose outlet shop is that if 8,000 7,950 is broken and today there are higher chances of that happening, then canada goose outlet in canada this declining or correction trend could possibly continue for the next few more months canada goose outlet phone number and we might head towards 7,550 as the minimum target and more likely even some kind of strong chances of testing levels of around 7,200.Anuj: What about canada goose outlet canada the Bank canada goose premium outlet Nifty since you trade that almost on daily basis?A: An interesting longer term pattern developing here. We have had two canada goose outlet winnipeg address highs on monthly basis canada goose outlet usa around 19,800 19,900 mark, typically can evolve as a double top. If we break levels around 17,800 17,900 zone on the Bank Nifty then again we should look at a test of around 17,150 17,000 as the minimum and more likely we are heading towards 16,300.Sonia: How are you going to trade Britannia Industries?A: The entire fast moving consumer goods (FMCG) pack canada goose shop uk is poised or the charts are very similar in structure to what we had on the pharmaceutical names about 18 24 https://www.canadagooseoutletcoats.com months back when Sun Pharmaceutical Industries, Lupin and a lot of other largecap outperforming pharma stocks were showing patterns of topping out. FMCG is doing that today. So I am quite negative on Britannia, Hindustan Unilever (HUL), Gillette India etc.However, in terms of Britannia, we have seen time and again on medium term charts Rs 2,680 2,700 has held out as a support zone but eventually it will break below that and once that happens, in the next few months this year could be a corrective moment for the stock and it could see levels as low as about Rs 2,100.Latha: What is your buy of the year?A: Two stocks, for the next few canada goose outlet houston months, emerge very strong contenders. We have seen some kind of bigger shape or bigger trend taking shape canada goose outlet jackets in fertiliser stocks, so Chambal Fertilisers and Chemicals is canada goose womens outlet very interesting. It broke out from two canada goose outlet ontario and a half year kind of consolidation. This is definitely heading towards three digits and Rs 107 110 could be the target which the stock will do, giving roughly canada goose outlet near me about 50 percent of an upside in the next two three quarters.The other one which interests me a lot is Bharat Electronics (BEL). It continues to show signals of making higher tops and higher bottoms and if you connect all the tops, some kind of a line comes around Rs 1,550. Typically when stocks break above these rising lines and BEL is showing promise of that, I think then we have a very strong upmove, an accelerated upmove which could happen in BEL. So anytime it manages to get pass Rs 1,550, I would look at a minimum target of Rs 2,000.Anuj: You track a lot of global charts as well. What are your thoughts on the key developed markets? Do you canada goose black friday think the emerging market (EM) underperformance continues and charts check on dollar as well?A: At least for the next few months, which are about five six months or the first half of 2017, my sense is that developed markets will continue to outperform. The key levels of Dow Jones canada goose outlet in montreal are around 18,500 to about 18,150 and as long as that level is not broken, the support zone on the monthly charts are not broken, maintain positive bias. I think we should definitely get pass and comfortably stay above 20,000 over there at least for the next few months to begin with.Similarly S as long as it doesn’t break 2,100, maintain a positive bias on a medium to long term charts and any canada goose outlet store uk corrections to these levels, which I mentioned, would be excellent opportunities for people to get into those indices.The one index which is very interesting is the FTSE 100. It has given a breakout into fresh all time highs in this week itself and as long as 6,700 canada goose outlet toronto location 6,800 zones being held, 8,000 is something which canada goose outlet miami the index could do in the next few months and it could be one of the bigger outperforming developed markets indices.Latha: Gold range, as your note suggests Rs 24,800 to 32,100 per 10g, but which one is more likely?A: Gold has been in this range for about two and a half three years now and there is no canada goose outlet online signal of this range being violated. However, my immediate bias is slightly on the bearish side so I do expect that it might head towards the lower end of the range first, so Rs 24,800 25,000 per 10g, is what I think, could be revisited in the next three four months.
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