CLOSE- 11557.10 (24.08.2018)
The market closed the 5th consecutive week in positive territory. It has achieved my short term targets levels near recent high as expected. It made a high of 11,620.70 levels on Nifty & 38,487.63 levels on Sensex during the week. It looks like extension case further as per short-term wave count chart. Any kind of short-term consolidation or correction is stock specific buying opportunity till short-term reverses.
Stock Picks:
DHFL - BUY
CLOSE – Rs 655.50
TARGET – Rs 700-740
DHFL closed the weekly in negative territory. Its consolidated in a narrow range during the week. Its daily momentum indicators are in BUY. It is trading above 20DMA. One can BUY with a stop loss of Rs-626 for the target of Rs 700-740 levels in short-term.
POWER GRID - BUY
CLOSE – Rs 190.20
TARGET – Rs 198-205
POWER GRID closed the weekly in positive territory. It looks like the end of short-term correction. It managed to hold 20 DMA. Risk Reward is favourable to BUY at current levels. Its daily momentum indicators are in BUY. One can BUY with a stop loss of Rs-185 for the target of Rs-198-205 levels in short-term.
L&T - BUY
CLOSE – Rs 1342.60
TARGET – Rs 1380-1400
L&T closed the weekly in positive territory. It looks like the end of short-term correction. Its daily momentum indicators are in BUY. It closed above 20DMA. One can BUY with a stop loss of Rs-1280 for the target of Rs-1380-1400 levels in short-term.
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