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Nifty, Bank Nifty levels to watch next week, stocks to buy/sell

18 Apr , 2021   By : Kanchan Joshi


Nifty, Bank Nifty levels to watch next week, stocks to buy/sell

Stock market outlook for next week is expected to remain highly volatile as COVID-19 cases are on the record rise. According to experts, one should know the levels of the market and maintain strict stop loss while taking any position. They said that pharma and IT sector will be the sectors that are expected to outperform other indices. However, they also said that one should maintain stock specific trade instead of index specific trade in current COVID-hit scenario. Asked about the stocks that have strong fundamentals and looking promising on the technical chart, stock market experts listed out Glenmark, Lupin, Cipla, Sun Pharma and Dr. Reddy's shares in the pharma sector while they recommended Coforge and Mindtree shares in the IT sector.


Speaking on the stock market outlook for the next week Sumeet Bagadia, Executive Director at Choice Broking said, "On account of rising COVID-19 cases, stock market is expected to remain volatile. So, traders and investors are advised to know their levels and take any buy or sell decision on breakage of the levels on either side."


Commenting upon the major triggers that hold key in the Indian share market Avinash Gorakshkar, Head of Research at Profitmart said, "Rise in the COVID cases have gone up to an alarming level and this will be the major trigger for the Indian markets irrespective of how the world market performs. So, I am expecting highly volatile stock market in the next week trade sessions. However, one must keep in mind that COVID-19 pandemic is a sentimental setback for the market. So, it is a good time to accumulate too. One should indulge in stock specific trade and keep accumulating quality stocks as their fundamentals are quite strong and they will be one the fast moving stocks once the market stablises."


Important levels


Asked about the major levels that traders and investors must keep in mind Sumeet Bagadia of Choice Broking said, "In Nifty, range will be 14,300 to 14,800 and F&O traders are strictly advised to maintain the stop loss at 14,300 while taking any call position in the 50-stocks index. In Bank Nifty, the range of trade will be 30,700 to 33,000. Breakage of any side will lead to around 1200 to 1500 points further movement. So, F&O traders are advised to maintain strict stop loss at 30,700 while taking any call position in the banking index."


Shares to buy


Bagadia said that Pharma sector is expected to outperform other sectors and advised investors and traders to think of taking buy position in Glenmark, Lupin, Cipla, Sun Pharma and Dr. Reddy's shares.


On IT sector stocks that can give upside movement next week Mudit Goel, Senior Research Analyst at SMC said, "Stocks like Coforge and Mindtree would be one of the better shares to buy in the IT sector when market opens on Monday."


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