Nifty outlook and stock picks by Sameet Chavan: Buy BPCL, sell Axis Bank

Price-wise, BPCL's stock seems to have a sturdy structure on the weekly time frame and, looking at the lower degree chart, the recent price correction appears to have completed

Nifty outlook

We started the proceedings last week on a flat note on Monday as there was no major trigger on the domestic as well as global front. However, as the week progressed, the markets started drifting lower. The real momentum was seen in the latter half as we saw Nifty sliding below 14,400 on Friday. But on the same day, we witnessed a smart recovery in the market to not only pare down all losses but also to close with more than 150 points gains. Due to this tail-end surge, the Nifty was well off its morning’s low