How did you read the opening and the recovery thereabout today both Nifty Bank Nifty and which is largecap universe as well as the smallcap and midcap universe?
Aditya Arora: The way our markets have recovered, that is very outstanding. We have established an important swing low today, so 24,300 to 24,350 is an important support for Nifty now. Until that does not break, one must maintain neutral to bullish bias over there. And same is true for Nifty Small Cap also. We have seen good amount of recovery from there, from important moving average. We just touched the important moving average and bounced back from there.
So, now, important support for Nifty Small Cap Index is 18,000 and 17,800 to 18,000 is the important demand level for Small Cap Index. I think yes, one should maintain neutral to bullish bias over there and do not go short on the market. A lot of people have a bearish view on the market, but until these levels are not taken out, one should not think of shorting the market.
What are your trading ideas?
Aditya Arora: My trading ideas are from the pharma space and I like Torrent Pharma. Stock is doing well and outperforming the peers, so one can buy Torrent Pharma at current market price of 2887, stop loss must be 2790 and target would be 3000 to 3100.
And second stock is again from the pharma space, Sun Pharma, that looks good at 1497, stop loss should be 1440 and target would be 1620 to 1690.
Any top bets from the metals pack because that is coming under pressure and any ideas that you would look at buying within the chemicals basket?
Aditya Arora: From chemicals space, I think there is less volatility compared to metals space. In metals space, I like Navin Fluorine that looks good at 3705, one can buy at current market price, stop loss should be 3550 and target should be 3850 to 4000.