Rudramurthy advises on stock-specific trades, preferring Reliance and SBI. Suggests shorting Maruti and IndusInd Bank. Emphasizes shifting focus to largecaps for safety. Bullish on IT sector for future growth and stability.
CA Rudramurthy BV, MD, Vachana Investments, says the Bank Nifty spot level of 45,600 and the Nifty level of 21,650 are crucial for determining the pre-budget rally. He is waiting for a close above these levels to confirm the market s upward movement. He advises being stock specific and waiting for opportunities to buy. He also shares his trading ideas, including a positive outlook on Thomas Cook and MRPL stocks.
The market is currently within a tight range, with Nifty Future having a strong base at 21,200-21,300 and resistance at 21,600-21,650. A break below 21,300 or a move beyond 21,600 will determine the market s direction. Bank Nifty faces resistance at 46,500. I am bullish on the IT sector, particularly Wipro, which offers a buying opportunity at Rs 480. Hind Petro is another strong stock in the OMC sector. Oracle Financials is a recommended buy, while Zee Entertainment is best avoided due to high volatility.
“I will be a buyer at the current market price on every dip. FIIs are now still short in the market. They are yet to cover their short and they will start covering. DIIs will continue buying this market and if FIIs start buying this market and crude further comes down $10 from here, bond yield topping, interest rates topping, this market has a lot of legs to go on.”
So with this premise I am giving you two stock calls, both on the sell side. For me LTIM is looking definitely weak on chart and every bounce is getting sold into and for me LTIM from the current levels can come down 100 rupees.