 "National Stock Exchange")
NIFTY
CLOSE- 7861.05 (24.12.2015)
The Nifty closed second consecutive week in positive territory. It consolidated in narrow range during entire week with positive note as expected last week. All the other indices such as Bankex, Midcap & Small cap etc also closed weekly in positive territory One can expect short term rally to continue further towards higher levels targets till short term trend reverses.
Short-term outlook for the market looks remains positive till Nifty trades above 7,700 levels & expecting targets in the range of 7,980-8,090-8,300 levels in short term. Medium term out look still remains negative till Nifty trades below 8,337 levels.
Market has either started wave-C Up or it’s still consolidating in wave-B as per Nifty hourly chart. One can buy stock specific at current levels or any kind of decline or consolidation till short term reverses.7,715 levels on Nifty is a strong support for short term.
7,500 & 8,000 are strong supports & resistance levels respectively based on derivative option open interest data for this expiry. Market will remain volatile ahead of expiry next week.
Momentum indicators daily KST & Daily MACD both are in BUY, supporting short term trend. Close below short term reversal levels will lead to sharp correction till 7,550 levels in short term. One should be stock specific & follow the trend with stop loss levels till it reverses.
Stock Picks:
YES BANK-BUY
CLOSE-Rs726
TARGET-Rs 750/Rs 770
YES BANK closed weekly in positive territory. It’s consolidating in wave-B & it has wave-C up pending for higher levels targets. Its momentum indicators are in BUY. Risk reward is favourable to BUY at current levels. One can BUY with SL-712 for the target of 750/770 in short term.
CLOSE- Rs 2040
TARGET-Rs 2120/Rs 2150
AB NUVO closed weekly in positive territory. It’s consolidating in wave-B & it has wave-C up pending for higher levels targets. Its momentum indicators are in BUY. Risk reward is favourable to BUY at current levels. One can BUY with SL-1996 for the target of 2120/2150 in short term.
DISH TV-BUY
CLOSE-Rs 97.60
TARGET-Rs 101/Rs 104
DISH TV closed weekly in positive territory. It’s consolidating in wave-B & it has wave-C up pending for higher levels targets. Its momentum indicators are in BUY. Risk reward is favourable to BUY at current levels. One can BUY with SL-96 for the target of 101/104 in short term.
AXIS BANK-BUY
CLOSE- Rs 450
TARGET-Rs 465/Rs 475
AXIS BANK closed weekly in positive territory. It looks completion of short term correction. Its momentum indicators are in BUY. Risk reward is favourable to BUY at current levels. One can BUY with SL-440 for the target of 465/475 in short term.
The author is Portfolio Manager- PRO TECH-PMS at Sharekhan
Disclaimer: The analyst may have a position in the scrip mentioned above; the views given above are the personal views of the analyst
