Volatile Nifty ended week on a flat note on Friday. During the week, initially it fell sharply towards 14460; however recovery thereafter lifted Nifty near 15000 zone. Eventually forming an indecisive weekly candle, Nifty ended at 14835. In the coming truncated week, Nifty is likely to consolidate between 14700-15000 zone. Ideal strategy to follow will continue to remain focused more on sector/stock specific action.
Bank Nifty continued its underperformance, losing 4% this week. However within banking space, PSUBank index is relatively holding ground; positive follow-up action is required for any short term bounce.
Snapping nine sessions winning streak, Metal index lost ~1% in today’s trade – suggesting profit taking.
Pharma index stood out strongly, gaining ~5% this week; stock specific rally within this space is likely to continue.
Recommendations
Buy
Chemical
at Rs 99
Stop loss: Rs 94.5
Target: Rs 109
Appearance of a bullish candle with sustained move above support levels could lift the stock towards 110 zone.
Buy at near Rs 64
Stop loss: Rs 61.5
Target: Rs 70
Post multi-week decline, the stock is gradually gaining positive traction. Positive follow-up action could attract a short term rally.
