NIFTY View For Week 10 Nov-14 Nov
We
had indicated at consolidation in Nifty in our last post. The markets
have almost remained at the same price during last week. However the
individual stocks have rallied nicely. Nothing much during last week,
which has only 3 trading days. Lets expect some action in the week to
come.
Technical Overview: The consolidation will break on either side sooner or later. We expect this consolidation to
be a small breather, once over, markets can start its upward rally
again. Consolidations break on either side, in this case we expect it to
be a upward breakout. Major support remains are 8000-8100.
From a medium term perspective -> correction is necessary for health of market. Hereon, every up-move need to be played cautiously. Profit booking is essentially a the most important activity in trading.
Short Term (Few days to a Week) : On
hourly chart Nifty is in consolidation. A very narrow range between
8260 and 8365 is formed. Breakout beyond this level will give us trading
opportunity. You may Long on breakout above this level and go Short on
break
down below this level. On shorter time period there is a support near
8180. This support can be used to go long provide price decline to this
level.
Medium Term (Few weeks to a month): Nifty
has started forming higher top higher bottom formation on daily chart.
We expect this cycle to continue for some time to come. While the
support is near 8000-8100, we do not know how the market would rally
upward. Options data suggest that markets can move upto 8500-8700. Those who already have positions open, this rally can be good opportunity to book profits.
Long Term (Few months to Year): Bull rally continues long term buying may be done during a healthy correction.
View on Sectorial Indices:
Realty,
Pharma and Media are outscoring on all other indices. Buying can be
done in the stocks form these sectors. Auto and Metal are under
correction, buy on dips. Bank Nifty is consolidating. A breakout above
will give us buying opportunity.
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Recommendations of the week:
Last week CESC and HUNDUNILVR have hit their targets. Stop-loss triggered in JSWSTEEL. Net Profit - 13500/- ABIRLANUVO (Buy): Buy ABIRLANUVO near 1739 for a target of 1780 . Maintain stop loss at 1710
ADANIENT (Buy): Buy Adani Enterprises near 475 for target of 500. Maintain stop loss at 459
YESBANK (Buy): Buy Yes Bank near 676 for target of 690. Maintain stop loss at 664
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