Nifty outlook and 4 stock picks by Devang Shah for short-term trade

Short-term outlook for the market remains positive till Nifty trades above 8,680 levels

NIFTY

CLOSE- 8897.55 (03.03.17)

Nifty closed first week in negative territory after gains in preceding five consecutive weekly positive closes. It failed to extend above 9,000 levels on Nifty and faced resistance near these levels. It made a high of 8,992.50 levels. It witnessed profit-booking from these levels as mentioned last week. It looks like wave –IV consolidation stage as per weekly chart but it has still wave-V up pending for higher levels targets in short term. Trader should use such kind of decline or consolidation to buy stock specific for further higher level targets as mentioned below in short to medium