Short-term outlook for the market remains positive: Devang Shah

Medium term outlook for the market remains positive till Nifty trades above 8,968 levels and expecting targets in the range of 12000-12200 levels in the medium term, says Devang Shah.

NIFTY      

CLOSE- 10596.40 (18.05.2018)

The market was showing sign of extension last week but failed to sustain at higher levels. It made a high of 10929.20 levels on nifty & 35993.53 levels on Sensex during the week. It faced resistance & Profit booking at higher levels & closed weekly in negative territory at the end of the weekly trading session. It looks like wave-II correction as preferred wave count at current levels of the market. Any kind of decline or short-term consolidation is stock specific buying opportunity till short-term reverses. One can expect higher levels targets as mentioned below in