Buy Coal India, BHEL, M&M, Asian Paints: Devang Shah
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Nifty closed 2nd consecutive week in positive territory, its slow & steady extending on up side as anticipated last week. It has broken out of running triangle kind of consolidation pattern in wave-B on up side; one can expect market to extend towards higher levels targets in short term. It made a high of 8055 levels. All the indices such as Bankex, midcap & Small cap etc also closed 2nd consecutive week in positive territory.
Short term out look for the market remains positive till nifty trades above 7800 levels & expecting targets in the range of 8120-8225 levels in short term. CNX BAKEX is out performing in short term. It’s also extending as anticipated in short term. One can also expect to trend towards targets in the range of 17733-17890 levels in short term. Short term view for CNX Bankex remains up till it trades above 16788 levels.
NSE MIDCAP & BSE MIDCAP also formed Triangular kind of pattern in wave-B & it has still wave-C UP pending in short term. Conclusively, all the indices showing short term pull back rally to continue further.
So far it looks like either wave-B or wave-X Pull back rally from medium term perspectives on nifty daily charts. One should watch out market behaviour at higher levels further for medium term perspectives.
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 7678-7539 levels in short term. One should be stock specific & follow the trend till it reverses. Market will remain volatile ahead of Expiry next week.
Other Latest News
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National Stock Exchange (NSE) on Wednesday introduced derivative contracts on Nifty Next 50 index, which received a positive response from market participants.
More than 375 trading members from across the country participated in the index derivatives, the National Stock Exchange (NSE) said in a statement.
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The Reserve Bank of India (RBI) on Wednesday asked private-sector lender Kotak Mahindra Bank to stop onboarding new customers through its online and mobile banking channels and barred it from issuing fresh credit cards.
The regulator said the action was necessary as the bank failed to plug gaps in its information technology (IT) systems. There were frequent outages in the bank’s core banking system and online channels in the last two years which inconvenienced the customers, the central bank said.
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Shiv Sena (UBT) chief Uddhav Thackeray on Wednesday hit out the BJP, saying that by inducting former Congress leader Ashok Chavan, the ruling party has also become a part of the multi-crore Adarsh Housing Society scam now. Earlier, the BJP used to target Chavan saying the families of martyrs were fooled in the Adarsh scam, but now the same party is involved in fooling them, he alleged.
Thackeray was addressing a press conference at Nanded in Maharashtra, where he arrived to campaign for the Maha Vikas Aghadi (MVA) candidate Vasant Chavan from the Nanded Lok Sabha constituency.
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Jamie Dimon, the chief executive of US banking giant JPMorgan Chase, has praised Prime Minister Narendra Modi and berated the “liberal press” for criticising him.
Dimon, in a webinar hosted by The Economic Club of New York, praised Modi's government for alleviating poverty and implementing reforms. “Modi has done an unbelievable job in India. I know the liberal press here; they beat the hell out of him. “He has taken 400 million people out of poverty," Dimon was quoted as saying.
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The Reserve Bank of India (RBI) on Wednesday released a compiled master direction raising the minimum capital requirement for asset reconstruction companies (ARCs) to begin securitization to Rs 300 crore from Rs 100 crore as on October 11, 2022.
The central bank said that the regulation would be effective from April 24, 2024. ARCs, as on October 11, 2022, have been provided a glide path to achieve the minimum required Net Owned Fund (NOF) of Rs 300 crore.
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