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Outlook for May series: Experts see pharma, IT, metals driving gains

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  • Outlook for May series: Experts see pharma, IT, metals driving gains
    2021-05-05, By: System Administrator

    Source : (www.livemint.com)

    Outlook for May series: Experts see pharma, IT, metals driving gains

    Roll over in Nifty and Bank Nifty from April to May is 66 per cent and 65 per cent respectively, which means market is not in overbought condition.

    Pharma, IT and metal sector will be the driving force for the markets next month and any dip should be seen as a buying opportunity rather getting panic from the selloff, say experts

    Outlook for May series: Taking cue from the May Series performance since 2014, roll over from April to May in Nifty and Bank Nifty and the market rally after hitting last week's low of 14151, stock market experts have predicted 2-3 per cent rise in the May option that has begun today. They said that pharma, IT and metal sector will be the driving force for the markets next month and any dip should be seen as a buying opportunity rather getting panic from the selloff. However, they advised to maintain the stop loss and strictly avoid any sell position in the May Series.

    Speaking on the May Series performance since 2014 Mudit Goel, Senior Research Analyst at SMC said, "May Series has been giving positive performance since 2014 and the positive rise witnessed in this period in the series ranges from 0.5 per cent to 8 per cent, which reflects about the sentiment with which people will enter the May Series."

    Standing in sync with Mudit Goel's views; Ravi Singhal, Vice Chairman at GCL Securities said, "Nifty has immediate support at 14,400 and on the upper side it may go up to 14,300. Similarly, Bank Nifty has strong support at 32,300 levels. On the upper side it may first hit 34,500 and then 36,500 in the May Series."

    On the reason for being so bullish on Nifty and Bank Nifty Ravi Singhal of GCL Securities said that roll over in Nifty and Bank Nifty from April to May is 66 per cent and 65 per cent respectively, which means market is not in overbought condition and any negative sentiment won't have that much of sell off trigger that we witnessed in the middle of the April Series. Roll over in Bank Nifty April 2021 was whopping 88 per cent.

    On suggestion to traders for May Series both experts advised 'buy on dips' and predicted 2 to 3 per cent rise in the May Series citing, "Any big dip should be seen as a buying opportunity and given support should be used as strict stop loss while taking buy position in the May Series. One should avoid selling in this series as overall sentiment for the series is positive."

    On sectors that will fuel May Series Mudit Goel of SMC said, "Pharma, IT, metal and to some extent fertiliser sector is expected to remain favourite of the market bulls."

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