Nifty Pharma sector is going to be outperforming index for coming months, says Ashish Kyal.

The overall trend of the Nifty index looks positive till it sustains above 19,562 levels and potential upside would be 19,991 followed by the 20,200 mark.

Indian indices, S&P BSE Sensex and Nifty50, were up in opening trade, boosted by IT stocks. Sensex traded at 65,741, up 182 points (0.28%), while Nifty50 hovered around 19,473, up 59 points (0.31%). Nifty Bank surged 201 points (0.45%) in early trade, and volatility eased as India VIX stood at 10.70, declining by 2.14%. Anand James

“We are shareholders of PVR and on every upside, we are looking at exit opportunities. The reason for that is that the habits have changed and more and more entertainment is being consumed online through OTT platforms to an extent and even through gaming. So I am not positive on the prospects of Inox PVR.”

​Now, if index starts to trade below 19350 on a sustained basis, then a fresh shorting opportunity definitely emerges on the Nifty index and can slide all the way down to 19200, with a strong resistance closer to about 19400 on the upside.

The Indian market could face selling pressure at higher levels despite positive global cues. The Nifty50 closed below 18,700 levels as India VIX was slightly up. The monthly maximum Call OI is placed at 18,800, while the maximum Put OI is placed at 18,700. The options data suggests a shift in a lower trading range between 18,500 to 19,000 zones and an immediate trading range in between 18,550 to 18,800 zones, said Chandan Taparia, an analyst-derivatives at Motilal Oswal Financial Services Limited. Various experts recommend short-term trading options like buying stocks in Maruti Suzuki, Tata Chemicals, and HCL Technologies.

As far as the Bank Nifty is concerned, it is very much clear I would say that the range for the Bank Nifty is 44,000 on the upside technically and as far as derivatives data is concerned, that is the level.

The brokerage house has reduced its weight in certain consumer sectors and trimmed positions in banking stocks

The overall uptrend status of Nifty remains intact. Though, the market is placed at the new highs, the selling pressure has not been emerging from near the hurdle. If such a pattern continues for the next 1-2 sessions, without showing any further damages, then that could eventually result in a sharp upside bounce in the market. Immediate support is at 19300 levels,” said Nagaraj Shetti, Technical Research Analyst at HDFC Securities