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Vishal Malkan expects midcaps and smallcaps to consolidate in April. Nifty to remain range-bound. Dr Lal PathLabs surges, correction awaited for entry. Weakness in Nifty IT index continues. Malkan says: "I like the main part of PSUs like the PSU banks which are my favourites. Canara Bank and PNB are my top two stocks for this year."
Meghana Malkan believes realty and pharma sectors show potential for trade. She highlights specific stocks to watch, cautions about weak resistance for Nifty, predicts a drop in Bank Nifty, takes a break from PSU sector, and has a mixed view on the IT sector. In the case of IT, she would prefer to really adopt a wait-and-watch approach.
Meghana Malkan believes Bank Nifty is undergoing a correction, with pressure from bears and support levels at 44,800 to 45,000. Particularly, HDFC Bank is experiencing a major decline. Candlestick patterns on weekly charts indicate pressure on PSU banks and private sector banks. In terms of trends, IT and pharma sectors are considered safe during market corrections. Sun Pharma shows a long-term breakout opportunity, while Lupin has broken previous resistance levels.
Benchmark indices like Nifty and broader markets are moving slow but steady, with Nifty making new highs almost every week. The rally is expected to continue or sustain, with a possible 200-300 point correction providing buy-on-dips opportunities. Blue chip companies are particularly participating in this rally BHEL is a top pick, showing good momentum and potential for a fresh rally. Canara Bank stands out among PSU banks, with positive momentum indicators and targets of Rs 495 and 510.