Nifty likely to head to 5350-5400 kind of levels: Devang Visaria, Devangvisaria.com

Devang Visaria, Chief Strategist, Devangvisaria.com, in a chat with ET Now talks about the Nifty and his stock ideas.

Nifty is almost on 5200. What are you looking at in terms of trades for the broader indices right now?

It is likely to head to 5350-5400 kind of levels for the Nifty, possibly if not in this week, then over the next one or two weeks leading up to the expiry of this June series. On the downside, 5100 is likely to be a strong support for the Nifty and on any pullbacks to 5150 or so, you could look to initiate fresh long positions.

Even at current levels, you could possibly look for a gap up opening tomorrow because you are closing on a very strong note. So you are possibly in line for a gap up opening tomorrow of 20-25 points from these levels.

Do you have any BTST ideas?

You could take a look at R Power or a Reliance Capital as a BTST. Also you could take a look at Neyveli Lignite as a BTST idea because that stock has just made a move above its 200-day moving average, which was at around 151 and good volumes accompanying this trade today. So possibly you are in line for a gap up opening for targets of 155 or so in opening trades tomorrow. Even on a positional basis, with a stop of 148, you could trade long for targets of closer to 160 on Neyveli Lignite.