The movement seen in the markets on the budget move have given a fresh breakout to the broader markets. The markets have managed to move out of the sideways zone and a new uptrend has started for short term. The next resistance is at 5052-5130, we can see the up move till 5120-5300 levels. The support lies at 4880-4810.
Short term traders can buy Nifty Futures and mid caps stocks and can add on dips, with overall targets as mentioned above. Also keep trailing stoploss on higher levels. Short term and medium term traders can also accumulate at current levels and lower levels. Public Sector banks, Cements stocks may outperform the markets in short term
Stock to Go Long : ACC, Ranbaxy, AMTEK
Stocks to Go Short : HDIL, OptoCircuits, TWL
Previous Outlook
22-February
The Markets have seen a good run up from the immediate bottoms and seem to stabilise as of now. We will have a choppy and volatile trade this week ahead of the Railway and the Union budget. Nifty will see immediate resistance at 4941 and support at 4726. Overall the trend has turned up with the last week closing, but for taking fresh long positions Nifty traders should wait for a breakout above 4940.
High Risk Short Term traders can use dips to buy selective Mid-cap stocks and news related stocks with strict stoploss and using swift up moves to take profits. Others should wait for a breakout above 4940 for taking short term long Positions
Stock to Go Long : Glaxo, Maruti, AMTEK
Stocks to Go Short : HCC, KotakBank, LITL
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