Nifty target to be expected between 9,120-9,150 in short term: Devang Shah

Short term outlook for market remains positive till Nifty trades above 8,680, says Devang Shah

NIFTY
 
CLOSE- 8939.50 (23.02.17)
 
Nifty closed fifth consecutive week in positive territory. It extended further on upside & achieved short term targets levels as expected last week. It made a high of 8,982.15 levels on Nifty so far in this rally. It’s showing loss of momentum at the end of expiry day. Traders also booked profit from higher levels ahead of long week end holiday at the end of expiry.
 

It’s still trading in parallel channel as per daily chart of nifty. It can still further stretch till upper end of channel towards revised short term targets levels as mentioned below till short term reverses. 8,780 levels are strong support & lower end of channel to watch out for as per daily charts in short term, break of these support levels will finally confirm further   profit booking in short term. Therefore, Trader should be very stock specific & light at current levels of market.

 
Short term outlook for the market remains positive till Nifty trades above 8,680 levels & expecting targets in the range of 9,120-9,150 levels in short term. Medium term outlook for the market remains positive till Nifty trades above 8,327 levels & expecting target of 10,000 levels on Nifty in medium term.
 
BANK Nifty also trending in parallel channel as per daily chart attached.  It has also achieved my short term targets levels near recent high as expected earlier. It made a high of 21,024.60 levels so far in this rally. It can further stretch further till upper end of channel till 21,600 levels till it holds 19,970 levels in short term as per chart attached. 20,380 levels is strong support & lower end of channel in short term, break of it will finally confirm further profit booking in short term. Trader should partial book profit & trail rest with trail stop loss levels at current levels of market for short term.

 
Broader market BSE MIDCAP & SMALL CAP is also outperforming so far in this rally. It’s also trading in wave-V as per daily chart attached. One should also watch out these indices behaviour for taking short term clue of market.
 
Market will remain volatile ahead of major domestic & global events in beginning of next month. Trader should be stock specific & book partially profit in trading position for short term. Any kind of decline or consolidation is a buying opportunity for investors for medium to long term perspectives.
 
Momentum indicators Daily KST & daily MACD both came in to BUY further. Close below short term reversal levels will lead to possible correction till 8540-8460 levels on nifty. One should stock specific & follow the trend with trail stop loss levels till it reverses from trading perspectives.

 
Stock Picks:
 
PETRONET LNG- BUY
CLOSE-401.05 
Target-425
 
PETRONET LNG closed weekly in positive territory. It started wave-III up after short term consolidation as per daily chart. Its momentum indicators are in BUY. Its outperforming in short term Risk reward is favourable to BUY at current levels. One can BUY with SL-385 for the targets of 425 in short term
 
SUN PHARMA- BUY
CLOSE-675.40
Target-715/730
 
SUN PHARMA closed weekly in positive territory. Its Daily momentum indicators are in BUY. It closed above 20 DMA. Risk reward is favourable to BUY at current levels. One can BUY with SL-660 for the target of 715/730 in short term.

 
ORIENTAL BANK OF COMMERCE - BUY
CLOSE-124.50
Target-134/138
 
OBC closed weekly in positive territory. It’s out performing in short term. Its Daily momentum indicators are in BUY. It closed above 20 DMA. Risk reward is favourable to BUY at current levels. One can BUY with SL-118 for the targets of 134/138 in short term.
 
 
Devang Shah: The author of www.trendtechno.com (Trade with Trend)
Consultant & Advisors in the world of Financial Market.
 
Disclaimer: The analyst may have a position in the scrip mentioned above; the views given above are the personal views of the analyst.