The party on the NSE Nifty and BSE Sensex continued this week as well and as mentioned in previous outlook Nifty above 5321 seems bullish now the next supply zone exists at 5410. Although markets have entered a fresh buying zone, but traders and investors need to remain cautious in this range as we may experience some sluggish moves for few sessions. Markets may now test patience before showing some strong moves on wither sides. Our advice to Nifty traders and short term momentum trades is to trade on long side on dips and keep booking small profit on every rise.
Mid-cap stocks as expected have started showing very good moves and we expect them to continue moving upwards for next few week. One should enter momentum mid-caps and an immediate surge should be used to exit the same. MCX Gold and Lead are expected to show bullish moves in coming weeks
Stock to Go Long : Sintex, YesBank, JindalSAW
Stocks to Go Short : BPCL, IOC, Renuka
Previous Outlook
29-March
We have seen good run up on the NSE Nifty and Sensex in the past 2 weeks, and now both the frontale indices are near to a short term resistance level from where we can expect some supply coming in for the very short term. A very crucial resistance for the Nifty exist at 5321, which will be a trend decider on closing basis. Nifty may take some time to show breakout and some consolidation may take place at current levels. Traders holding long can exit long positions and renter once again when we enter the fresh buying zone above 5321
High risk traders can take short position as the risk is very low with a stoploss of 5321 and above 5321 again long positions shall be taken with immediate targets of 5410-5500. Short term traders should also follow the same strategy of booking the longs as of now and re-entering above 5321, from where we will see a fresh uptrend and buying wave. On sustainable breakout above 5321 on weekly charts we will see a fresh buying emerging in the markets where mid-caps will see huge buying.
Stock to Go Long : Ranbaxy, TataSteel, Indusind Bank
Stocks to Go Short : BPCL, GAIL, FCS
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