Short-term outlook for market remains negative: Devang Shah

NIFTY
CLOSE- 10,930.45 (28.09.2018)
The markets closed the 4th consecutive week in negative territory. It was highly volatile for the week. It was traded in the broad range of 11,170-10,850 levels during the week. It made a low of 10,850.30 levels during the week. Break of this lows will confirm the extension of correction for further lower levels targets as mentioned below in short term. Till that market may trade in a range with high volatility. As Market is in oversold zone, we may see surprise pullback rally in short term. But one should follow trend till it reverses. The short-term outlook for the market remains negative till it finally confirms the end of these wave-IV short-term corrections.Stock Picks:

TATA GLOBAL - BUY
CLOSE – Rs 232.50
TARGET – Rs 242-252
TATA GLOBAL closed the weekly in negative territory. Its outperforming in short term. Its consolidating in a narrow range in short term. Its daily momentum indicators are in BUY. It’s trading above 20DMA. Risk Reward is favourable to BUY at current levels. One can BUY with a stop loss of Rs-212 for the target of Rs 242-252 levels in short-term.

NTPC - BUY
CLOSE – Rs 167.60
TARGET – Rs- 178
NTPC closed the weekly in positive territory. Its Outperforming in short term. Risk Reward is favorable to BUY at current levels. Its weekly momentum indicators are in BUY. It closed above 40 DMA. One can BUY with a stop loss of Rs-163.80 for the target of Rs-178 levels in short-term.

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Short-term outlook for market remains negative: Devang Shah

NIFTY 
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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