NIFTY View For Week 15-19 Sep
We had indicated Nifty to touch
8200 and a consolidation thereafter. Last week Nifty made high of 8180
and consolidated there after. Mixed clues from global market halted
Nifty's upward journey. Nifty is currently trading range-bound.
Technical Overview: The week gone, Nifty has touched high of 8180 and low was near 8057. Nifty has traded in considerably narrow range in last week. Last week was a Nifty consolidated
after expansion till week ended 5th Sept. We need to see whether this
consolidation is a start of correction. The technical indicators like
MACD are looking exhausted. Bulls may take rest for some Period.
Short Term (Few days to a Week) : On hourly chart Nifty continues to have support in the range of 8000-8027. On hourly chart lower top formation is now confirmed. Nifty
has first resistance at 8127 and then at 8150. We assume that
resistance at 8150 may not be broken during the week to come. Short term
traders can go short in Nifty near its resistance at 8150.
Medium Term (Few weeks to a month): Nifty
has formed a resistance in the range of 8150-8180. We are in a
consolidation and a possible start of correction. However there is no
need to be panic. The correction may not come about suddenly. We assume Nifty may not break this resistance immediately and continues to drift lower.
Long Term (Few months to Year): Markets
continues to be long term bull run. As mentioned above, if we get a
correction, this can be a good buying opportunity fro individual
fundamentally strong stocks from investment perspective.
View on Sectorial Indices:
Banking
sector is looking good on charts. Specially PSU Banks are expected to
well in week to come. Auto and FMCG also giving some short term buying
indications. Wait for correction to be over in IT. Pharma is offering buy on dips opportunities. Energy, Infra, Realty, Media are still looking weak.
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Recommendations of the week:
AMBUJACEM (Buy): Buy Ambuja Cement near 215 for target of 219. Maintain stop loss at 212.
DABUR (Buy): Buy Dabur India near 223 for a target of 227. Maintain Stop loss at 220
HDFC (Buy): Buy HDFC Limited near 1050 for Target of 1066. Maintain Stop loss at 1038.
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