Medium-term outlook on Nifty remains negative, says Devang Shah

Short-term traders should be stock specific and book profit at these levels

NIFTY
 

CLOSE- 8400.35 (13.01.17)

Nifty closed third consecutive week in a positive territory. It has extended pull-back rally further beyond expectation. It has almost achieved short-term target levels in the range of 8,440-8,480 levels near recent highs. It made a high of 8461.05 levels on Friday, and witnessed profit booking from these levels at the end of weekly trading session. All the other indices also closed the week in positive territory.

8,460-8,480 levels are very crucial resistance levels in the short-term. Sustaining above it will confirm extension of pull-back rally for further higher level targets till 8,580 levels in the