4845 is a major technical target for Nifty in short term: Anil Manghnani

ET NOW Technical Check with Anil Manghnani, Director, Modern Shares and Stockbrokers Limited.

ET Now: The market probably pre-empting what the IIP data was due to be on Friday, not reacting at all today, what do we do now?

Anil Manghnani: Yes, a little bit of listless trading today, maybe the reason as most of the markets at least in Asia are shut, so not really close cues from the global markets. The problem is 4845, I mentioned it last week also, it is a at least for a short term a major technical target. It is again a gap that has to be filled up and crossed from couple of weeks back and there is a Fibonacci level out there. If it can do that, if it can take out 4845, they you will get a little more broader base participation which apparently had a pullback from 4675 to 4845, there has not been a broad based move. It has been more sporadic IT, maybe little bit of cement but if you were looking for a major short covering or a more broader based rally, it would come above 4845. If it were to cross 4845, then you are headed to about 4920 in the immediate short term.

ET Now: Bharti for you, 303?

Anil Manghnani: Yes, it is still post the hammering four-five months back that the whole telecom sector took. These have gone into a consolidation sideways. I still feel they have got another couple of months to go before they bottom out. For a trader, it is right in the support, around 300-295 has been the support range but overall it is not much of a move. You are going to get Rs. 10 either way, so probably avoidable sector for me right now.

ET Now: The other pack which has been making some moves is the pharma pack, what is happening with midcap pharma, suddenly one of these days you see an Emami or a Strides, the likes of stocks doing exceptionally well, Jubilant Organosys, you like anything out there?

Anil Manghnani: I still think it is an outperforming sector. One or two have lost their leadership, for example like a Ranbaxy has fallen quite sharply but if you look at Cipla or Dr. Reddy's post the first fall when the market fell let's say around 5170 to about 5000, post that they have not really reacted that sharply on the downside, even right up to the fall of 4675 in the Nifty. Cipla and Dr. Reddy's in the large cap still looks okay. I still maintain, if I were buying, it is not really the pharma, it is more healthcare, kind of hospital business. Fortis went and made a new life high last week. So every fall is still buyable and there is lot of upside momentum and again even an Apollo Hospital to accumulate illiquid but just accumulate and sit quiet. The long term looks okay, maybe a Bilcare that also looks fine. I am not sure exactly what Bilcare does but otherwise chartically it looks okay. Overall the pack looks fine but you will have to be little more stock specific because right now some of the names like Emami, they are little more illiquid. So difficult to catch the trading moves but as a sector, it is a still maintain its upside.