While the risk-reward ratio for the Nifty isn't favourable, the Bank Nifty may trade in a sideways range, according to Rahul Mohindar, technical chartist and director of Viratech Software.
Mohindar, who spoke about what the charts indicate for Indian markets, told BloombergQuint's Niraj Shah in an interaction that if the Bank Nifty is to come out of its “slumber”, it needs stocks like HDFC Bank Ltd. to perform.
He is bullish on state-run companies, including Power Grid Corp. of India Ltd. and GAIL India Ltd. The metals sector, according to Mohindar, is “overheated” and long-term investors need to wait for a better risk-reward scenario to make a fresh entry.
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