Nifty Outlook
The ongoing corrective wave has been in line with our expectation. The 25 days short term time cycle indicates the next significant reversal time zone near Sept 8, 2017. Even on the price scale the retracement support lies near 9,600 in conjunction with its immediate trend-line support. The ongoing higher top & higher bottom sequence could only distort incase 9,440 is breached on a closing basis. Therefore the current setup provides a good reward to risk opportunity for fresh longs near 9,700-9,600 zone where we expect the corrective wave to stabilize & the market to witness some consolidation ahead of its fresh upmove. Investors & traders could start building longs in a staggered way with a stop below 9,440 with an expectation of a move back above 10,150.
STOCK MARKET :
Torrent Pharma - BUY
CMP: Rs 1,323
Stop Loss: Rs 1,180
Target: Rs 1,560
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