CLOSE- 11680.50 (31.08.2018)
The market closed the 6th consecutive week in positive territory. It has extended further & achieved my revised short-term targets levels near recent high as expected last week. It made a high of 11,760.20 levels on Nifty & 38,989.65 levels on Sensex during the week. It looks like the first possibility of some consolidation in the market in the range of 11850- 11,400 levels on nifty in short-term before further trend resumes towards higher levels targets. Sustain above 11,850 levels will lead to a further extension of the rally towards 12,000 levels on nifty in short term. Any kind of short-term consolidation or correction is stock specific buying opportunity till short-term reverses.Stock Picks:
KOTAK BANK - BUY
CLOSE – Rs 1,284.75
TARGET – Rs 1,305-1325
KOTAK BANK closed the weekly in positive territory. It looks like the end of short-term correction. Its daily momentum indicators are in BUY. It is trading above 20DMA. One can BUY with a stop loss of Rs-1238 for the target of Rs 1305-1325 levels in short-term.
JSPL - BUY
CLOSE – Rs 220.70
TARGET – Rs 230-240
JSPL 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-203 for the target of Rs-230-240 levels in short-term.
DCB BANK - BUY
CLOSE – Rs 178.60
TARGET – Rs 186-196
DCB BANK 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-169 for the target of Rs-186-196 levels in short-term.
RAYMOND - BUY
CLOSE – Rs 839
TARGET – Rs 875-925
RAYMOND closed the weekly in positive territory. It looks like the end of short-term correction. Its daily momentum indicators are in BUY. It is trading above 20DMA. One can buy with a stop loss of Rs-802 for the target of Rs 875-925 levels in short-term.
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