According to Milan Vaishnav, MSTA, founder of Gemstone Equity Research & Advisory Services, the long-term trend of the Nifty 50 remains intact, as the index has rebounded from its 50-month moving average (MA), placed at 22,333.
Overall, as long as the Nifty 50 holds above the entire 22,300–22,675 zone, the index is likely to extend its current technical rebound, he said in an interview with Moneycontrol.
Meanwhile, Vaishnav advised investors to hold their positions in Laurus Labs and Shyam Metalics and Energy.
“Laurus Labs is in a strong and secular uptrend. I feel this trend will continue, as there are no visible signs of a reversal. Similarly, there are no signs of profit-booking yet, as Shyam Metalics and Energy continues to trend higher,” Milan Vaishnav said.
Do you expect the Nifty 50 bulls to struggle to regain control amid the bears' tight grip? What are the crucial levels to watch?