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Short-term outlook positive till Nifty trades above 10,111: Devang Shah

Devang Shah/Mumbai 16 Apr 18 | 08:22 AM

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CLOSE- 10480.60 (13.04.2018)

Market Closed 2nd consecutive week in positive territory. It slow but steady extending on upside towards short term targets levels range as expected last week. It made a high of 10519.90 levels during week. It closed near high at the end of weekly trading session. All the other indices such as midcap, small cap & Bank nifty etc also extended gain & closed weekly in positive territory. One can expect market to extend further towards higher levels targets as expected below in short term. Any kind of decline or short term consolidation is stock specific buying opportunity till short term reverses.

As mentioned last week, about end of medium term wave-IV correction & beginning of wave-V upward rally towards higher levels targets in medium term as preferred wave counts. It looks like market has completed short term correction near recent low of 9951.90 levels on nifty & 32,483.84 levels on Sensex. It has almost retraced almost 38.2% near recent lows in these short term correction as per chart attached. It looks like beginning of wave-I of 5 as per chart attached as per preferred wave counts with ruling out possibility to break recent lows as mentioned above till short term reverses. Any kind of such short term correction or consolidation is buying opportunity for medium to long term Investment perspectives till medium term reverses.

Short-term outlook for the market remains positive till Nifty trades above 10,111 levels and expecting targets in the range of 10,500-10,650 levels in short term. Medium term outlook for the market remains positive till Nifty trades above 8,968 levels and expecting targets in the range of 12,000-12,200 levels in medium term.

Nifty Bank also closed weekly in positive territory. It has also extended on upside during week as expected. It made a high of 25,394.95 levels during week. It has strong support around 24,115.80 levels. One can expect higher levels targets around 25800 levels till it holds in short term & further above 29600-30000 levels in medium term.

10,200-10,300 & 10,500-10,700 levels is strong support & resistance levels range respectively based on option open interest data so far for next month series. Market will remain very volatile ahead of Result season this month.

Momentum indicators Daily KST & daily MACD both are in buy short term trend. One should be stock specific & follow the trend with trail stop loss levels till it reverses. Close below short term reversal levels will lead to sharp correction till 9950-9800 levels on nifty & 32400-31800 levels on sensex in short term.

Stock Picks:

DHFL- BUY

CLOSE – Rs 544

TARGET – Rs 575/590

DHFL closed weekly in positive territory. It’s outperforming in short term. Its daily momentum indicators are in BUY. One can BUY with stop loss of 490 for the target of 575/592 levels in short term.

NTPC- BUY

CLOSE – Rs- 171

TARGET – Rs 175/178

NTPC closed weekly in positive territory. It’s outperforming in short term. Its daily momentum indicators care BUY. Risk reward is favorable to BUY at current levels. One can BUY with a stop loss of Rs 165 for the target of Rs 175/178 in short-term.

AXIS BANK- BUY

CLOSE – Rs- 540

TARGET – Rs 565/580

AXIS BANK closed the weekly in positive territory. Its looks like end of medium term correction. Its daily momentum indicators are in BUY. Risk reward is favorable to BUY at current levels. One can BUY with a stop loss of Rs 518 for the target of Rs 565/580 in short-term.

TATA ELXI- BUY

CLOSE – Rs- 1,072

TARGET – Rs 1,130-1,170

TATA ELXI closed the weekly in positive territory. It’s outperforming in short term. It looks like end of medium term correction. Its daily momentum indicators care BUY. Risk reward is favorable to BUY at current levels. One can BUY with a stop loss of Rs 1010 for the target of Rs 1,130-1,170 levels in short-term.

FEDERAL BANK- BUY

CLOSE – Rs- 98.80

TARGET – Rs 102/104

FEDERAL BANK closed the weekly in positive territory. It’s outperforming in short term. Its daily momentum indicators care BUY. Risk reward is favorable to BUY at current levels. One can BUY with a stop loss of Rs 94 for the target of Rs 102/104 levels in short-term.

Disclaimer: The analyst may / may not have a position in the scrips mentioned above

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Sensex

Company Price Gain (%)
Sun Pharma.Inds.559.902.72
Infosys1,348.352.42
Reliance Inds.1,128.552.23
ICICI Bank266.001.84
Axis Bank534.451.36

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