The frontline indices are hovering in the no mans land and the trend as of now is undeceive. Monday’s movement / closing will decide the trend for the week and further short term trend for the markets. The wider range as of now would be 5248-5344. A close out of this range will be the trend decider. Till the time the range is not broken one should avoid taking fresh positions.
Traders can take fresh long or short positions on close above 5344 or 5248 respectively with the other point as stoploss. On the mid caps one can use the strategy to buy and accumulate on dips as they are going to show strength in coming weeks.
Stock to Go Long : LITL,UCOBank, NTPC
Stock to Go Short : TataSteel, JSWSteel, HCC
Previous Outlook
12-April
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
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