We got five continuous days of fall this week, which pushed the volatility to the sky. Nifty is now in an intermediate downtrend & immediate resistance looms at 9830 regions. However, longer term uptrend is still intact. We recommend a short term sell-on-rise strategy this week till the region of 9840 with stop loss at 9900. In case the intermediate downtrend continues this week, a significant support for the primary uptrend is seen only at 9500 levels.
NBFC Stocks are in general relatively strong in an overall gloomy market. Bajaj Finserv is a comparative out performer in this sector & it looks like a short term bottom is in the making. We recommend buying at CMP with stop loss at 4900 & targeting for 5300.
Phrama has been one of the weakest sectors in recent past & many big names in this sector have been capitulated like anything. However, we see Aurobindo Pharma to hold its ground with an exceptional strong show of strength & looks like gaining higher from this level. Buy above 711 with stop loss at 668 & target 760.
Infrastructural stocks also saw heavy selling this week. Adani Ports, however, has been pushed down to a strong support levels at 380 regions & if the intermediate uptrend to survive, this support is not likely to yield very easily. We therefore recommend buying this stock at CMP 382 with stop loss at 370 & target 405.
Infrastructural stocks also saw heavy selling this week. Adani Ports, however, has been pushed down to a strong support levels at 380 regions & if the intermediate uptrend to survive, this support is not likely to yield very easily. We therefore recommend buying this stock at CMP 382 with stop loss at 370 & target 405.
