 "Nifty, Sensex, BSE, NSE, markets")
NIFTY
CLOSE- 8821.70 (17.02.17)
Nifty closed 4th consecutive week in positive territory. It extended the gain further on upside after short term consolidation as expected last week. It has achieved first short term targets levels on Sensex near recent high as expected earlier & falling marginally short to achieve in nifty. It made a high of 28,726.26 levels on Sensex & 8896.45 levels on nifty so far in this rally. It’s trading in parallel channel as per daily chart. And it looks like final wave-V up towards upper end of channel till short term targets levels as mentioned below can possible in near term. Trader should partially book profit in trading position & Trail rest till it reverses.
BANK NIFTY also trending in parallel channel as per daily chart. It also looks like possibility of final wave-V towards upper end of channel till 21200-21300 levels in short term. It made a high of 20,873.30 levels so far in this rally. 19,970 is strong support & reversal levels for short term. Trader should partially book profit in bank nifty as well & trail rest with trail stop loss levels in short term.
Short term outlook for the market remains positive till Nifty trades above 8680 levels & expecting targets in the range of 8920-8968 levels in short term. Medium term outlook for the market remains positive till nifty trades above 7893 levels & expecting target of 10000 levels on nifty in medium term.
8500-9000 levels are short term support & Resistance levels respectively for short term ahead of expiry next week based on derivative option open interest data in short term.
Broader Market such as midcap & small cap indices is also in wave-V up as per daily chart. Trader should be stock specific & book partially profit in trading position for short term. Any kind of decline or consolidation is a buying opportunity for investors for medium to long term perspectives.
Momentum indicators Daily KST & daily MACD both went in to SELL showing weakness. Close below short term reversal levels will lead to possible correction till 8540-8460 levels on nifty & 27590-27459 levels on sensex in short term. One should stock specific & follow the trend with trail stop loss levels till it reverses from trading perspectives.
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Stock Picks:
PETRONET LNG- BUY
CLOSE-400.60
Target-425
PETRONET LNG closed weekly in positive territory. It started wave-III up after short term consolidation as per daily chart. 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-385 for the targets of 425 in short term
ULTRATECH CEMENT- BUY
CLOSE-3719.55
Target-3850-3950
ULTRATECH CEMENT closed weekly in positive territory. It’s out performing in short term. Its weekly momentum indicators are in BUY. It closed above 20 DMA. Risk reward is favourable to BUY at current levels. One can BUY with SL-3625 for the target of 3850-3950 in short term.
TECH MAH-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-478 for the targets of 525/540 in short term.
TATA ELXSI-BUY
CLOSE-1458.65
Target-1530/1600
TATA ELXSI closed weekly in negative territory. Its looks like end of triangular consolidation in short term. Its Weekly momentum indicators are in BUY. It closed above 40 DMA. Risk reward is favourable to BUY at current levels. One can BUY with SL-1425 for the targets of 1530/1600 levels in short term.
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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.
