Last
week we had said that there is no reason to worry about small
corrections. The markets have bounced back from the support of 6650 as
mentioned in our last post. Today (17th April) 'Bulls' have proved the their strength once again. The markets(Nifty) rallied up by 104 points to close at 6779.
The resistance at 6820 is yet to be broken, but should be an effortless job for markets.
We
have F&O expiry in coming week. We expect the markets to remain
cheerful throughout the week. However there would be profit booking on
Wednesday and Thursday. Hence the markets can be choppy on these 2-3
days.
If
you hold a position in Nifty Futures (assuming that you would have
bought index during the dip), start booking profits Monday onward.
| Nifty Daily Chart |
View on Sectoral Indices: For the week to come we have positive view on FMCG, Auto and Metal sectors. Look for buying opportunities in some stock from these sectors. To name few- you have trades in Hindunilever, ITC, M&M, Heromotocorp, Bajaj Auto, SSLT, JSWSteel etc.
I will upload the stock specific recommendations by tomorrow(18th April).
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