Nifty outlook and stock recommendations by Sameet Chavan of Angel Broking

Looking at the technical set up, with last week's price activity, we can see a formation of 'Bearish Engulfing' pattern on weekly chart

On August 28, markets saw a strong close at a new six-month high. The same optimism was carried on August 31 too as markets opened with a good bump up, owing to cheerful mood across the globe. Everything looked hunky dory but all of a sudden, the massive sell off triggered in our markets after the news of India-China clash at the border. Eventually it turned out to be one of the terrible days in the recent past. Post this, markets consolidated and gave a minor recovery for next three trading sessions.

However, on September 4, the selling once