Short term target for Nifty is 8,000-8,116; Buy Axis Bank, Dish TV: Sharekhan
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The Nifty closed 2nd consecutive week in positive territory. It was traded in very thin range during week. But it’s slowly inching upwards as anticipated last week. It made high of 7,959.30 levels. All the other indices such as midcap, small cap, bankex, etc, closed weekly in positive territory. Broader market is out performing at current levels of market. Its good sign for bulls for short term till it shows sign of reversal.
Short term out look for the market remains positive till Nifty trades above 7,823 levels & expecting targets in the range of 8,000-8,116 levels in short term. Medium term outlook for the market still remains negative till Nifty trades below 8,655 levels.
Nifty is trending in channel as per hourly charts. In that case, one can expect market to trend towards upper end of channel till 8,000-8,020 levels in near term, sustain above it will finally confirm extension of recent pull back rally for further higher levels targets in short term. 7,868 levels on Nifty is crucial lower end of channel support to watch out for in near term.
It can be also drawn as wedge kind of pattern on Nifty hourly chart in wave-B of pull back rally. It also has upper end resistance around 7,985-8,000 levels on Nifty. One should watch out market behaviour around these levels. Sustain above it will only confirm further higher levels targets in near term.
BANK NIFTY has also closed near upper end of range as per hourly chart, sustain above it will only confirm further rally towards 18,000-18,500 levels for Bank Nifty in short term. One should watch out its behaviour at these crucial resistance levels for short term. It has strong support near lower end of range around 16,970 levels as per chart attached.
Momentum indicators daily KST & Daily MACD both are in BUY supporting short term. Close below short term reversal levels will lead to sharp fall till 7,700-7,539 levels in short term. One should be stock specific & follow the trend with trail stop loss levels till it reverses.
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