The stock market is working in a range on Monday. Nifty is testing the 24600 level repeatedly on the downside and taking support from it. The resistance for Nifty on the upside is 24800.

Experts are advising to have a stock-specific approach in the market at this time. Market expert Aditya Arora said that the last two weeks have been very good for the market. We actually turned from pessimism to optimism, in which people were very pessimistic and they were giving very low targets on the market and we have seen a direct change from there.

Performance of IPO Stocks

Aditya said that IPO stocks did very well, but this week it seems that the rally will not be so fast, but will be sector-specific. Many stocks in that textile sector are looking good. Pharma is also doing well, but I think in the coming week it will be a stock-specific and sector-specific market, so one should be very careful in terms of stock selection. Look for sectors where the risk-reward is good.

Structure of Bank Nifty due to HDFC Bank

Aditya Arora said that right, Bank Nifty is doing well because of the great rally we have seen in HDFC Bank, but I think the overall structure is a bit consolidation and upwards bias. There is no clear breakout here. We can see the breakout only when Bank Nifty settles above 55,000, it is a bit far but if we look in percentage terms it is only 3%. So, look for a clear breakout above 55,000 only, otherwise there is a lot of zigzag movement and no clarity is visible right now, so there is no clear uptrend right now, only consolidation.

Buy these stocks

Aditya said that there are two stocks in the list for this week. The first is HDFC AMC, which is a favorite. This stock looks good at 4460, so it is a bullish stock. It has a stop loss of Rs 4330 and the target is Rs 4590 and Rs 4700.

Shares of HDFC Asset Management Company Ltd were trading at Rs 4511 on Monday, showing a gain of up to 3%.

He said that the second for this week is Natco Pharma from the pharma pack. It is bullish or worth buying at Rs 1483. Its stop loss should be at Rs 1400 and the target price should be Rs 1560 to Rs 1600.

Shares of Natco Pharma Ltd were trading at Rs 1,479.50 on Monday, showing a gain of 2%.