As per the last week’s outlook we suggested to hold long position and stated that Nifty is back in Uptrend, the same was followed, we saw a gain of almost 200 Points from the previous week’s closing. The Nifty has sustained well above the level of 4748 in the last week. The trend is still up and we may see some more consolidations at the current level. The next level to watch would be at around 5070 where we may see some supply coming in the markets.
Short Term traders should hold long positions and try to add more on dips with stoploss of 4847 for a target of 5090-5240. Markets will test patience and may take some time to show fresh up-moves.
Stocks to Go Short: HindUnilever, FinanTech, ACC
Stocks to Go Long: RCOM, Unitech, TV-18
Previous Outlook
9-November
As mentioned in the last week’s outlook that the support for the Nifty is at 4597-4517. The nifty touched these levels and shown a spectacular bounce back from there. We advised short term investors and traders to take long positions at the lower levels. The daily trend has changed and Nifty is back in the short term uptrend but still we are not able give a weekly close above 5130 on which trend reversal in weekly charts would take place. So for short term traders we would advice to book long positions on rise to 4960-5070. Overall bullish trend will be confirmed and continue on weekly close above 5130. Moreover the Dow Jones also bounced back from its crucial support levels.
Short Term traders holding long positions shall hold on to it, those who want to build fresh long positions should wait for a fall to 4740, one can hold long positions with overall stop-loss of 4650.
Stocks to Go Short: BPCL, HCC, SunTV
Stocks to Go Long: Bharti, JindalStel, Educomp
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