Expect target of 10,400 for Nifty in the short term: Devang Shah

Recommends buying IOC, LIC Housing Finance, Godrej Industries and L&T

NIFTY      
CLOSE- 9857.05 (24.08.17)
 
Market consolidated in narrow range during the week & was able to close second consecutive week in positive. It reached a high of 9,884.35 levels & low of 9,740.10 levels during the week. It managed to hold lower end support/reversal levels as mentioned last week. The Street still looks like one more leg on upside is still pending in short term till it reverses.

Alternatively, failure to sustain higher levels will lead to a range-bound trend between 9,500-10,000 levels on Nifty, in short term. Any kind of decline is stock specific buying opportunity