Volatility is going to be very high this month: Pradeep Mukhi

Nifty is still holding up above that 4800 mark. 4806 is where it sat. Do you see it going much further from here? Do you see much more of a pullback or do you think this is just a temporary phenomenon?

On the 60-minute chart, it is a clear buy. For a 4870 target first and 5000 target. If 5000 target resistance break, you will see a clear run-up to 5400. If not, we go back downside.

You got to bear in mind that there is a budget coming up, so this month the volatility is going to be very big. We have the clear signal. When it broke 4713 for a target of 4500 and 4300 but our stop loss of 4760, which got taken out. Now since the stop loss got taken out, the monthly downside is reduced and there is going to be huge volatility. So we will have to play the volatility week by week and day by day.

Are there any favourites that you would like to outline?

I just wanted to tell you the VIP target is 261. Pennar Industries is one of my favourites, with a stop of 31, you can buy for a 40-42 target. Parekh Aluminex again with a closer to 131, you can buy for a target of 174.

Hisar Metals, unheard of stock, with a stop loss of 29, you can buy for a target of 35. I would like to go a little out of the way and talk about the Nifty. It is in a wave 3 on the weekly charts. I have got a first target of 5475 but my stop loss is 4267. This will come in by March-April latest and if this resistance breaks, 5475, I am looking at 6350.