Expecting targets in the range of 8,920-8,968 levels: Devang Shah

One should expect higher levels targets as mentioned below in short term, said Devang Shah

NIFTY
 
CLOSE- 8793.55 (10.02.17)
 
Nifty closed third consecutive week in positive territory. It extended the gain on upside further as expected last week. It made a high of 8,821.40 levels so far during week. All the other indices also extended gain on upside as expected & closed weekly in positive territory.
 

It looks like still wave-(v) of III is pending on upside as per daily chart of Nifty. It may consolidate or possibly decline for wave-(IV) for time wise or price wise correction in short term but eventually one should expect higher levels targets as mentioned below in short term. One should buy stock specific at current levels or any kind of decline till short term reverses.

 
Short term outlook for the market remains positive till Nifty trades above 8,537 levels & expecting targets in the range of 8,920-8,968 levels in this short term correction. Medium term outlook for the market remains positive till Nifty trades above 7,893 levels & expecting target of 10,000 levels on nifty in medium term.
 
BANK NIFTY also extending on upside as expected earlier. It has achieved my short term targets levels near recent high as expected last week. It made a high of 20,504.70 levels so far in this rally. It also looks like still wave-(v) of III is pending on upside. 19,500 is strong support for bank Nifty in short term till it holds one can expect further higher levels targets till 21,000 levels in short term.

 
Momentum indicators daily KST went in to sell but daily MACD is still in BUY supporting short term trend. 8,500-9,000 looks strong support & resistance levels respectively & also range for this month based on derivative option open interest data. One should buy stock specific at current levels or any kind of decline or consolidation till short term trend reverses.
  
Stock Picks:
  
BANK OF BARODA- BUY
 
CLOSE-188.05
 
Target-195
 
BOB closed weekly in positive territory. Its momentum indicators are in BUY. Its outperforming in short term Risk reward is favourable to BUY at current levels. One can BUY with SL-181 for the targets of 195 in short term

CANARA BANK - BUY
 
CLOSE-310.70
 
Target-326
 
CANARA BANK closed weekly in positive territory. It’s out performing in short term. Its momentum indicators are in BUY. It closed above 40 DMA. Risk reward is favourable to BUY at current levels. One can BUY with SL-302 for the target of 326 in short term.
 
TECH MAHINDRA - BUY
 
CLOSE-500
 
Target-525/540
 
TECH MAH closed weekly in positive territory. It’s out performing in short term. Its Daily momentum indicators are in BUY. It closed above 20 DMA. Risk reward is favourable to BUY at current levels. One can BUY with SL-472 for the targets of 525/540 in short term.

 
Devang Shah: The author of www.trendtechno.com (Trade with Trend)
Consultant & Advisors in the world of Financial Market.
 
Disclaimer: The analyst may have a position in the scrip mentioned above; the views given above are the personal views of the analyst.