Gaining for the consecutive third week, Nifty surpassed levels of 15700 mark. However in today’s trade, Nifty turned choppy; after marking a high of 14734, it erased early gains to make a low at 15622. Appearance of small bearish candle indicates some profit taking; mild consolidation in the Nifty is possible between the band of 14550-14800 zone.
Bank Nifty managed to post positive returns for the straight third week, however in today’s trade BankNifty witnessed a throwback from the 35810 zone. Mild consolidation is possible between 34800-35800 band.
Midcap-100 index continued its upward trajectory at uncharted territory, stock specific rally within this space is likely to continue.
Infrastructure index rallied for the straight eleventh session, mild consolidation might be there, however from a positional point of view this space has more room on upside.
Equity Recommendations
Buy
near 153
Stop loss 149
Target 161
Rationale
With sustained move above important averages, recent corrective phase seems to be over. On higher side it might revisit levels of 161
Buy
near 1500
Stop loss 1470
Target 1560
Rationale
Post multi month consolidation, the stock has resumed its northbound journey at uncharted zone.
(Amit Trivedi, CMT, is Technical Analyst – Institutional Equities at YES Securities)
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