Rohit Srivastava Bullish Metals and items on the Nifty Metal Index

“Many of the tools that we see are reaching the extremes, whether the Nifty 500 basket has the number of stocks below 200 dma, about 13% to 12% compared to 15% while Nifty was at 15,200 in 2022 , “Rohit Srivastava, the founder of Money Analytics and IndiaCharts strike.

Through your social media handles, what we know is that you are booming in the markets and you are also publishing that it is probably the time to move on and buy. With the type of redecovery procurement, we once again scaled it on the 23,000 mark, what is yours?
Rohit Srivastava: Yes, it certainly looks like that. We waited for many days and and I waited for this re -recovery of Kickstart. 22,800, we touched. After that, just two days ago we did a little less 22,725. Hopefully, it is the ultimate line of sand that we have to look at and today’s market should say whether the end of the day is able to hold on these levels, maybe closer than 23,020 O, it will be, it will be. A good sign is that the worst is probably finished and we start receiving meaningful reacovery from here, so it’s an overall setup.

Many tools that we want are reaching the extremes, even if it is the number of stocks below 200 DMA in the Nifty 500 basket, which has risen to about 13% to 12% over about 15%. While the Nifty was at 15,200 in 2022.

So it is a kind of hands we are really talking about. And therefore, the correction or emotional correction of the same size has already been done, which is why I expect markets to choose, however, we can get what the piece will be between the largecap, midcap, but usually everything is so hard That’s the value to buy and you will see us bouncing back in terms of levels.

Initially we will call 50% of this entire collapse, which we should approach nearly 24,500, it should be the starting level that we will start to find and then develop from there, possibly the high level of high level.

I mean, 61% will be approximately 24,920, it will be the next level. Therefore, it is a side level that we want to go. Now, I really can’t put time on it, it can be a month, it may be two months, maybe late March, in early April, we probably have to be at that level.

Let’s talk about Nifty Bank. The Nifty Bank trades trading on previous sessions. As long as the Nifty Bank is concerned, can we expect UP now?
Rohit Srivastava: Therefore, Bank Nifty has really overtaken the Nifty on a relevant basis. If we only see that it has become Bottom in late January and since then it really didn’t go back to those levels. The Nifty fell a lot, but the bank did not do the Nifty and, in that sense, it is strong in both.

Therefore, it can already say and it should begin the next move, which means it should pass through the high on February, which we have made it around 50,600 and then move to about 52,000.

Any field where you want to help from your point of view can participate in a good fashion in the kind of reCOVERY achievement that we are really witnessing because today we have seen some of these defense packs, some of these high beta names and railway fields especially from the defense. Contributes to the rally. But other than that, will any other field that you believe will perform well in recent times?
Rohit Srivastava: Often, PSU stocks have been a lot of crisis and they arrive at the point where they are very oversold. If I look at the weekly RSI, it was as much as 92 and it is now as low as 30, so it’s a significant meaningful reform we have seen in public field stocks and by that, we can include Looking for both public sector banks and PSE. In most stocks of this type of area, it is oil and gas, metals and capital goods, so it is a widespread base.

But in general, I would say that most of PSU stocks have seen most of the heartbeat and they should start receiving meaningful reCOVERY, so it will really be the most oversold field to see, which are PSU and PSU banks.

On the other hand, the strength should be back in the metal segment. We have found that metal prices, especially copper prices, have begun to rise recently.

We have seen the precious metals choosing, now resuming that type of signal commodity cycle, which saw good correction because the Bloomberg Commodity Index saw about 61% retracement last year and from there is gradually the edge.

Therefore, there are also commodity stocks that we then pay attention to the Nifty Metal Index, they should start doing well. We are watching an excitement today. In fact, in the last 10 days, some stocks like Hindalco have not really fallen on the new low with the market, nor Tisco.

Therefore, we are actually looking at the relevant strength in the metal segment on a 10-day basis and that strength on the Nifty Metal Index should continue slightly in the future, so it is another area that I will see.