CLOSE- 11143.10 (21.09.2018)
Market closed third consecutive week in negative territory. It has fallen sharply beyond anticipation during the week. It has completely deteriorated wave count structure on main indices as expected. It made a low of 10,866.45 levels on Nifty and 35,993.64 levels on Sensex so far in this correction. Break of these lows will lead to extension of correction for further lower levels targets as mentioned below in short term. Till then, market may trade in range with high volatility. Short term outlook for market remains negative till it finally confirms end of these wave-IV short term correction
Stock Picks:
GRASIM - BUY
CLOSE – Rs 1,048.40
TARGET – Rs 1,100 -1,150 GRASIM closed the week in negative territory. Its consolidating in narrow range in short term. Its daily momentum indicators are in BUY. It’s trading above 40DMA. Risk Reward is favourable to BUY at current levels. One can BUY with a stop loss of Rs 999 for the target of Rs 1,100-1,150 levels in short-term.
POWERGRID - BUY
CLOSE – Rs- 200.20
TARGET – Rs- 210
POWERGRID closed the week in positive territory. Its Outperforming in short term. Risk Reward is favorable to BUY at current levels. Its daily momentum indicators are in BUY. One can BUY with a stop loss of Rs 186 for the target of Rs 210 levels in short-term.
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