As mentioned in the past week`s outlook NSE Nifty is showing sluggishness at the current levels. Its moving in no mans land and we may not see major action unless the recent high of 5311 is not crossed on closing basis. This week`s movement in the Nifty is going to be the decider for the immediate short term trend. So wait for clear breakout or breakdown before taking any fresh position on either side.
Traders holding long position from 4960 levels are advised to books profits at current level and re enter the position once nifty closes above 5310. Once a breakout above 5310 is seen we may see a spurt on the index. Short term traders can use dips to add positions in mid-cap stocks as we may witness a major rally in mid-caps
Stocks to Go Long: Renuka, JindalSAW, Ispat
Stocks to Go Short: TataSteel, YesBank, TTML
Previous Outlook
4-January
The NSE Nifty has managed to close above the level of 5178, now we may see some sluggish moves at the same level which would happen as a consolidation may take place at current levels. But the range is narrow, a close above 5242 will give much strength to the continues rally and we may see the levels of 5340-5444. Whereas on the down side we may see dips to 5050-5010, which shall be used for buying.
Traders holding Long position in Index (initiated at 4960) and other stocks should keep on holding the position with overall stoploss of 5000 and target of 5330-5400. Conservative traders can revise the stoploss to 5097 or take profit at current levels. But overall the trend is still positive, and as mentioned earlier also, the Mid-Cap stocks will continue to move upwards. Short Term and Medium term traders should hold long positions.
Stocks to Go Long: GujNRECoke, HCC, JainIrrigation
Stocks to Go Short: SBI, GAIL, NTPC
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