NIFTY View For Week 24 Nov-28 Nov
Trading range is a nightmare for short term traders. The
trading range we were mentioning about since last 2 weeks is finally
broken by Nifty on upside, as mentioned in this blog last week. We can
expect some upside from here. There is no upward target as we do not have levels. Markets may test 8600 in near future. Next week we have Derivative Expiry on Thursday. Expect choppy markets till then.
Technical Overview: Markets traded
in the range of 150 points last week. The range was broken convincingly
today to close at 8477. A long range candle suggesting more upside to
Nifty. The support is in the range of 8410-8350. The indicators are yet to give overbought signal.
Short Term (Few days to a Week) : Nifty remains bullish. A dip is buying opportunity. Short
term traders can buy Nifty Nov Future on dips if not already entered.
The support emerges at 8410-8400. This level can give a target of 50-100 points.
Medium Term (Few weeks to a month): Nifty
has a support at 8400. Medium term traders can buy Nifty Dec Future at
current price for 100 points target. Stop-loss can be maintained at
8400.
Long Term (Few months to Year): The correction is not in sight as yet. If you are long in stock, can continue to hold them.
View on Sectorial Indices:
Metal
is strong support. Except some bounce in Metal stocks in week to come.
Banks and Financials are Bullish. IT can be a good bet and is on the
verge of break out.
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Recommendations of the week:
Last week all three stocks CENTURYTEX, NTPC and HAVELLS have achieved their targets. Net Profit - 24250/- ADANIPORTS (Buy): Buy Adani Ports near 303 for a target of 312. Maintain stop loss at 297
CAIRN (Buy): Buy Cairn India near 270.5 for target of 280. Maintain stop loss at 265
INDUSINDBK (Buy): Buy Indusind Bank near 714 for target of 735. Maintain stop loss at 700
- The profit calculations are done considering Futures 1 Lot in each scrip.
For any clarifications on these recommendations , you may mail us on bonvistaplanners@gmail.com
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