Home Personal Finance MC Interview | Nifty can hit lifetime high in June after brief consolidation, Elliott Wave analysis suggests: Ashish Kyal

MC Interview | Nifty can hit lifetime high in June after brief consolidation, Elliott Wave analysis suggests: Ashish Kyal

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“The Nifty 50 could hit a lifetime high in June, but after a few days of formation and formation,” Ashish Kyal, founder of Wavesstrategy.com, said in an interview with Moneycontrol.

He feels that the Nifty50 doesn’t rule out the possibility of a short-term correction, but that the index could hit a lifetime high in one wave after that.

The Nifty CPSE Index is up more than 175% from 2020 COVID-19 lows. On the weekly chart, “Nifty CPSE still does not see the formation of a bearish pattern and dips are best used as buying opportunities,” said a certified market engineer with extensive experience in capital markets. increase.

Q: We’re 300 points away from our previous high, is it unlikely that the Nifty50 will hit a new high in June?

Nifty is showing good upward movement after forming a low near 16,828 in March 2023. We can see the momentum slowing down as we have seen profit taking at higher levels over the past few days.

As for the top price, 18,780 is the immediate hurdle at the moment. The Nifty50 could hit a lifetime high in June, but after several days of consolidation and foundation formation.

On the downside, 18,250 is an important support. As long as this level is maintained, a move to the 18,880-18,900 level is optimistic. However, with selling pressure seen after the RBI policy announcement on June 8, a short-term correction is not ruled out. After that, however, a bullish wave awaits that could push prices to all-time highs.

Q: What does your Elliott Wave theory tell you about Bank Nifty?

Nifty Bank hit a lifetime high in May 2023, just as we expected. Post that the price is hovering in a range. We expect continued consolidation between the 43,300 and 44,500 levels. From an Elliott Wave perspective, Bank Nifty is moving in Wave 5, the maturing phase of an uptrend.

We are not bearish, but we will be cautious in the short term. Over 44,500 breakouts will result in an extension of the ongoing 5th wave, opening up targets to over 45,200 levels. However, if we see a sharp correction below 43,300, it will be time to book profits. In a nutshell, Bank Nifty is at an inflection point and we should see more action next week.

Q: Does the Nifty CPSE Index look expensive now or do you still think it’s worth it?

The Nifty CPSE Index is up more than 175% from the lows it made during the 2020 COVID-19 period. The index reached lifetime highs ahead of many other sub-indices, demonstrating its role as a leader.

The weekly chart does not show any bearish pattern formation at this point and it is best to use dips as buying opportunities. The CPSE index is currently trading at 3,155 with support at the 2,800 level. On the upside, we see a rise to the 3,400 level in the short term.

Q: Given the current momentum, do you expect Paytm shares to regain Rs 1,000 levels within a few days?

New generation stocks such as PayTM, PB Fintech and Zomato have seen strong gains in the past few weeks. PayTM has successfully passed the immediate hurdle of Rs 740, bringing it closer to the target of Rs 970-980. The weekly chart is bullish unless it breaks below the previous week’s low of Rs 707 level.

Also, the recent weekly move is one of the strongest since 02/06/2023. To trade this kind of momentum stocks, it is important to trade these stocks with a strict stop loss of Rs 707. For now, use the fall to 780 rupees as an opportunity to move to the 740 rupee level.

Q: After last week’s good run in mass production, do you think the Mazagon Dockyard will get more value?

Mazagondoc showed a strong volume breakout last week. The stock performed well and managed to break its all-time high of 936 rupees. The daily RSI (Relative Strength Index) is quoting close to the 80 level, so it’s a good time to buy on dips.

Overall, the momentum is still good and we can take advantage of the fall to the 940-950 rupee level to enter equities with support near the 840 rupee level and move towards the 1,200 rupee level.

Q: Can you name one stock that will be on the radar in the coming weeks and looks sufficiently attractive to invest in?

Larsen and Toubro are trending positively and look attractive at current levels from an investment perspective. The stock is outperforming in its sector. In the medium term, we target 2,900 rupees, with immediate support for him at 2,080 rupees.

Q: Do you think Tata Motors will hit record highs anytime soon?

Tata Motors is probably starting the third wave upwards, which is usually the strongest leg in terms of Elliott Waves. We believe we are outperforming in the automotive sector despite rising interest rates.

The stock has started an uptrend and is expected to reach lifetime highs as well as eventually reaching levels above Rs 800. The auto sector could gain more momentum if the interest rate cycle turns to the downside. Now is the perfect time to invest in this stock with a medium- to long-term perspective.

Disclaimer: The views and investment tips expressed by investment professionals on Moneycontrol.com are their own and not those of the website or its administrators. Moneycontrol.com advises users to check with a certified professional before making any investment decision.

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