Nifty Outlook
This was clearly an eventful and action packed week for our markets. Finally, we saw index coming out of the recent congestion in the latter half. Unfortunately for many traders, it happened on the down side; courtesy to global uncertainty. However, Friday’s session turned out to be a nightmare for the bears and especially for those who created fresh shorts during Thursday’s stock specific mayhem. Undoubtedly, many traders left clueless with the kind of bounce back move we witnessed in the broader market. The Nifty eventually went on to reclaim the 10700 mark on a closing basis.
Stock recommendations:
1. ACC
View – Bullish
Last Close – Rs 1294.65
Justification – We have been quite upbeat on the ‘cement’ space since last couple of weeks. Initially, it sounded a contradictory approach; but the way some of the cement stocks bounced back this week, the strategy seems to have played out well for us. ‘ACC’ continue to remain amongst the preferred choices, even after a four percent move. The weekly and daily charts look quite promising and hence, the stock is likely to extend this relief rally in coming days. We increase our near term target for this stock towards Rs 1420. Traders can keep their stop losses at
Rs 1279
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