NIFTY View For Week 17 Nov-21 Nov
Nothing
much. Choppy markets. This is a typical scenario wherein short term
traders loose money. Markets are undecided about the direction.
Technical Overview: The scenario is so similar as that of last week, that I can keep the same wordings in this blog. Narrow ranges are typically broken
on either side by substantial volumes and with major movements. One
such movement is awaited. We do not know the direction. But looking at
the buying strength, we can assume that they will move further up.
Short Term (Few days to a Week) : The range of market is between 8415-8250. Only 1165
points. Even the hourly charts are not giving any indication. Intraday
traders and short term traders would have had tough time the week gone
by. Wait patiently for markets to break on either side. Then enter near small dip. The
Medium Term (Few weeks to a month): Wait for Nifty to break on either side. Then a trade can be initiated. The range is 8250-8415
Long Term (Few months to Year): Bull rally continues long term buying may be done during a healthy correction.
View on Sectorial Indices:
All the sectors are expected to do well, except Infra. Infra seems under pressure.
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Recommendations of the week:
Last week all three stocks ABIRLANUVO, ADANIENT and YESBANK have achieved their targets. Net Profit - 24750/- CENTURYTEX (Buy): Buy Century Textiles near 575 for a target of 590. Maintain stop loss at 566
NTPC (Buy): Buy NTPC near 143 for target of 147. Maintain stop loss at 140
HAVELLS (Buy): Buy Havells near 308 for target of 315. Maintain stop loss at 300
- The profit calculations are done considering Futures 1 Lot in each scrip.
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