F&O Talk: Big break above 23,200 can open doors for 23,500 for Nifty; Sudeep Shah picks 6 stocks ahead of Diwali
Nifty could extend its recovery towards 23,500 if it decisively breaks above the 23,150–23,200 resistance zone, says SBI Securities' Sudeep Shah. He also shares his outlook on IT, midcap and smallcap indices, sector trends and six stocks, including TVS Motor, Coforge and ICICI Bank, ahead of Diwali.
Indian financial markets saw a mixed performance over the past week, with the Sensex and Nifty ending higher, while broader markets witnessed a significant sell-off due to rising oil prices. Analyst Sudeep Shah, Head of Technical & Derivatives Research at SBI Securities, discussed the outlook for Nifty IT, FIIs, and an index strategy ahead of Diwali.
Nifty's momentum could continue in the coming week, with the index potentially breaking above the crucial 23,000 mark. The technical setup for Nifty IT is strong, with the index trading above its short and long-term moving averages and the daily RSI in the super bullish zone. Meanwhile, Nifty Midcap 100 and Nifty Smallcap 100 have been struggling, but both are witnessing a gradual recovery and nearing key support zones.
Strategies for specific stocks like Trent, Indigo, Equitas Small Finance Bank, and Meesho were also discussed, with recommendations on potential price targets and support/resistance levels.
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