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NIFTY
CLOSE- 7,868.50 (24.09.2015)
Nifty closed weekly in negative territory. It’s trading in range of 7,680-8,055 levels for short term, break of this range at either of side will confirm further trend of market. But till that it continue to trade with positive bias for short term & one can expect market to trend towards upper end of range till it reverses in this pull back rally. BANKEX closed weekly in negative territory, while midcap & small cap indices closed weekly in positive territory.
Short term outlook for the market remains positive till Nifty trades above 7,723 levels & expecting target of 8,055 levels in short term, sustain above these levels only confirm further trend towards higher levels targets till 8,250 levels in short term for this pull back rally.
Medium term outlook for the market still remains negative till Nifty trades below 8,650 levels & expecting targets in the range of 7,160-6,900 levels.
Momentum indicators daily KST & daily MACD both are in BUY supporting short term UP trend. Close below short term reversal levels will lead to sharp correction till 7,539-7,420 levels in short term. One should be stock specific & follow the trend till it reverses. Market will remain volatile ahead of RBI Policy next week.
Stock Picks:
REC - BUY
CMP - Rs 267
TARGET - Rs 278/284
REC closed weekly in positive territory. Its Daily momentum indicators are in BUY. Risk reward is favourable to BUY at current levels. It has wave-V of C Pending on upside. One can BUY with SL- Rs 258.70 for the target of Rs 278/284 levels in short term.
CAIRN INDIA - BUY
CMP - Rs 149.75
TARGET - Rs 154/159/170
CAIRN INDIA closed weekly in positive territory. Its Daily momentum indicators are in BUY. Risk reward is favourable to BUY at current levels. It’s breaking out of triangular consolation pattern on upside. One can BUY with SL- Rs 144.70 for the target of Rs 154/159/170 levels in short term.
TCS - BUY
CMP - Rs 2,575.60
TARGET - Rs 2,625/2,650
TCS closed weekly in positive territory. Its Daily momentum indicators are in BUY. Risk reward is favourable to BUY at current levels. One can BUY with SL- Rs 2,531 for the target of Rs 2,625/2,650 levels in short term.
HDFC - BUY
CMP - Rs 1,181
TARGET - Rs 1,216/1,234
HDFC closed weekly in negative territory. Its Daily momentum indicators are in BUY. Risk reward is favourable to BUY at current levels. One can BUY with SL- Rs 1,151 for the target of Rs 1,216/1,234 levels in short term.
Devang Shah is a Portfolio Manager- PRO TECH-PMS at Sharekhan
Disclaimer: The analyst may have a position in the scrip mentioned above; the views given above are the personal views of the analyst.
