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Top trading ideas: Buy Sun Pharma, Maruti Suzuki and Tata Motors

Trader should book profit at current levels & use any kind of rise to exit or sell for trading perspectives for short term

Devang Shah  |  New Delhi 

markets, stocks, sensex, nifty, bse, nse
Photo: Shutterstock

NIFTY      
CLOSE- 9964.40 (22.09.17)
 

closed the week in negative territory. Market finally completed 5 wave advance rally started from December-2016 as preferred alternate from wave count perspectives. hit a new high of 10,178.95 levels & touched a high of 32,524.11 levels in recent rally during week. failed to make a new high in recent rally that created negative divergence for short term. We saw a sharp fall at the end of weekly trading session with 5 wave decline so far on hourly chart. Most evidences are giving confirmation to finally conclude short term reversal after January 2017 due to one sided rally as per Dow Theory. Trader should book profit at current levels & use any kind of rise to exit or for trading perspectives for short term.
 
Bank also failed to make new high in recent rally. It made a high of 25,104.90 levels & failed to sustain at higher levels. We have seen sharp 5 wave decline fall from recent high on hourly charts. 25,075-level is crucial resistance for Bank in short term. One can expect lower levels targets till 23,500- 22,500 levels in short term for trading perspectives 20,649 is strong support on bank for medium term perspectives till it holds any kind of decline is systematic buying opportunity for medium to long term investor.
 
Sharing one last bullish alternate form wave count perspectives not preferred one as of now for both & Bank. Break of 28,800 levels on Bank & 9,870 levels on will completely ruled out these bullish options as well. But it would be advisable to be cautious in short term from trading perspectives.
 
9,900-10,100 levels looks short term support & resistance levels for expiry perspectives next week. Market will remain volatile ahead of expiry next week. It may trade in this range for short term ahead of expiry next week. Break of lower end support of 9900 levels will lead to sharp fall till 9700 levels on in short term.
 
Momentum indicators Daily KST went in to but daily MACD is still in may create volatility ahead of expiry in short term. Close above short term reversal levels will only confirm rally towards higher levels targets of 10400-10500 levels on & 33,000-33,200 levels on in short term. One should be stock specific & follow the trend with trail levels till it reverses from trading. 
 
Stock Picks: 
 
– BUY
CLOSE – Rs 513.30
– Rs 550
  
closed the week in a positive territory. It has out-performed in the short term and looks like extension of pull back rally in short term. Risk reward is favourable to at current levels. Its daily momentum indicators are in One can with a of Rs 494 for the of 550 levels in short term.
  
- BUY
CLOSE – Rs- 8,074.55
– Rs 8,200-8,350
  
closed the week in negative territory. The stock is showing signs of extension in short term. It’s still trading above 20DMA. Risk reward is favourable to at current levels. One can with of 7810 for the of 8200-8350 levels in short term. 
 
- BUY
CLOSE – Rs 411.20
– Rs 428/440 
 
closed weekly in positive territory. It’s out-performing in short term and daily momentum indicators are in Risk reward is favourable to at current levels. One can with of 392 for the of 428/440 levels in short term.
 
Devang Shah: The author of www.trendtechno.com (Trade with Trend) and an independent market analyst
 
Disclaimer: The analyst may / may not have a position in the scrips mentioned 

First Published: Mon, September 25 2017. 08:10 IST
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