Stock Market In Safety Zone With BSE Above 14,786 Level, Says Vishwas Agarwal

Stock market analyst Vishwas Agarwal said that the stock market is in safety zone above Stock Market In Safety Zone With BSE Above 14,786 Level, Says Vishwas Agarwal14,786 level for traders with a target of 15,350, 15,555 and 15,786.

Regarding NSG meeting on nuclear contract to be held on September 4 and 5, Mr. Vishwas said that if the contract goes through, then the previously said level of 15,786 will be accomplished easily.

“I’m very much comfortable in the current market until it is maintained at 14,786 levels. The stocks to trade are ADAG group stocks, power sector stocks, oil marketing companies stock (due to falling oil prices) with a 10% to 15% profit,” Mr. Agarwal added.

While commenting on the market performance, Mr. P. K. Agarwal, president – research, Bonanza Portfolio said that the huge momentum in the Indian markets was seen after many weeks. Declining crude rates provided the much needed trigger.

He said that Nifty gained smartly to a short term high of 4,522 before closing the day at 4,504. Accordingly, Nifty has determinedly burst out of the flat range of 4,200-4,400.

Mr. Agarwal said, “SBI, ICICI Bank, DLF, Unitech, along with Banking, Reality, saw good buying interest. Weakness was seen in Cairn, Ranbaxy and Tata Motors. Markets are likely to continue to be strong. Next target can be 4,570 level. On down side 4,415/4,375 can be support.”

While giving his technical view about the strong market, he also said that Nifty may open positively on Thursday (August 04).

On Tuesday, Nifty showed good potency and closed in green above 4,500 with advanced volumes and encouraging market breadth. Strong buying activity was seen on account of decline in Crude Oil.

Analyst Views: