Nifty can hit 9,850 in the short term, says Devang Shah

Recommends buying Vedanta, Tata Motors, Granules India and ACC

NIFTY: CLOSE- 9427.90 (19.05.17)
 
Market extended further on upside & achieved short term targets levels as expected last week. It witnessed profit booking after achieving short term targets levels from higher levels. It made a high of 9,532.60 levels so far in this rally. It also closed 2nd consecutive week in positive territory. It looks like further extension of rally from here on in short term till Dow Theory supports holds as mentioned many times in my earlier outlook.
 
We have seen sharp profit booking esp. midcap & smallcap stocks from higher levels during this week while large