Market outlook & two stock ideas by Sameet Chavan of Angel Broking

The immediate supports for Nifty are placed around 16,600 and 16,500 while the levels to watch on the upside will be 16,800 and then 17,000 mark

Nifty started last week on a positive note as the global markets recovered, resulting in some positive sentiment. Market participants looked a bit perplexed on Monday, but the broader markets saw buying interest on Tuesday which led to an up move in the index and new highs. Over the next couple of sessions, Nifty consolidated within a range till expiry and it again resumed the momentum on the last day to end the week above 16,700.

In spite of the volatility in the midcap and the smallcap space, the index has managed to register new highs. Meanwhile, the broader markets