The broader markets have been in the range in the entire last week expect the last 2 sessions, although it made and attempt to break the range and tested the resistances. The opening of Monday will be the decider for the markets, if we see the NSE Nifty is able to trade well above the levels of 5156 and 5189 ,we may see the uptrend continuing. Above 5189 the next supply zone comes at 5260-5321. International markets are alos supporting the uptrend. Whereas in the Commodities markets Gold and Silver has shown a breakdown in last week, and I expect them to correct a bit more in the next few days.
Traders holding long positions in Nifty and Stocks as per past few weeks’ recommendations can continue to hold long positions and trail the stoploss of 5097. Mid cap stocks will continue to rally with Pharma and Banking sector leading the markets
Stock to Go Long : DenaBank, RajeshExpo, Ranbaxy
Stocks to Go Short : TataMotors, JindalStel, HindOil
Previous Outlook
8-March
The markets in the last week as expected managed to cross the crucial resistances and have further confirmed the on going uptrend. Now the markets will move in a direction with upward bias, with some dips, kind of panic creation movements in the markets. The traders should wait for such dips to find buying opportunities. Support for the Nifty lies at 5050-5000 and resistance is at 5156-5189
Short term Nifty traders can buy Nifty Futures and mid caps stocks and can add on dips, the overall upside targets remain intact. Also keep trailing stoploss on higher levels. Short term and medium term traders can also accumulate at current levels and lower levels. Petroleum Stocks ma outperform the markets
Stock to Go Long : JindalSAW, HCC, JSL
Stocks to Go Short : DCHL, MLL, UnionBank
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