This past month and a half has been very difficult. On the street, everyone is expecting a big correction, but the market is not obliging. How are you trading and what are your trading ideas at the moment?
Aditya Arora: Of course, the sentiments are extreme. There is a group of people who are very bearish on the market and there are some investors at the other end who are taking very speculative and leveraged positions. So, we are seeing both extremes of the market. And personally, I am looking at the charts and I am more comfortable with Nifty. Pharmacy And the FMCG market, because it has no direction and there are no proper trends, no proper breakouts and breakdowns. One day we see an upward gap and another day we see a downward gap. So, the market has no direction and is unstable. So, in this type of market, the FMCG market and the pharmaceutical sector are doing quite well, so I like that market. What do you think about battery stocks in particular? Amara Raja After the comment, management was on our channel, the stocks skyrocketed very well?
Aditya Arora: Correct, Amara Raja It is working quite well. Today, it is clearly a bright spot in this market where very few candidates are doing well. Technically, it looks good at 1623, stop loss is 1500 and target is 1750 to 1770.
So in this space as well, Amara Raja, is that the best bet you would be considering? automatic auxiliary side, the battery side or is there something else you like there too?
Aditya Arora: I think it is one of the best candidates if we look at the performance of auto accessories stocks. So, this stock is doing well on a continuous basis. Even today, very few auto accessories names would do well and this clearly stands out and moreover, we have seen strong volumes on days like June 25 and 26.
So I think institutions are accumulating this asset quite aggressively. So I think it’s one of the best candidates in the auto supplemental insurance space.What about some of the names of pharmaceutical companies? Even pharmaceutical and chemical companies, look how… Sharda Crop Chemist It shot up 7% and is still rising, even Piramal PharmacyWhat do you think of some of these names?
Aditya Arora: If we look at the charts of Sharda Cropchem, today we have seen a good rally and the stock has surpassed the June 2023 levels. So positionally and technically this stock is turning positive today and for a proper run and for a proper breakout, one needs to wait for a breakout above levels like 610 where momentum could emerge on this counter. So my view is positive. On Piramal Pharma, I think the stock is doing well but it lacks momentum. But for a proper breakout one needs to wait for levels like 200. There I think a proper breakout can emerge and it would also surpass its IPO price when the stock went public around 17th October 2022 when the price was 195 which would be a very positive signal for this counter when the stock goes above 200. From there the targets could be 220 to 230 and the stop loss would be above 180.
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