The Nifty consolidated throughout the week and closed flat with a slight negative bias for the week-ended July 20. independent pune escorts , Things are unlikely to change this week as traders will rollover their positions from July series to August series.
Indian markets consolidated amid concerns of a trade war, weak rupee-dollar as well as no-trust vote on Friday, which restricted trading within a 150 points range. Friday’s rally helped the Nifty reclaim 11,000 for the second straight week in a row.
Experts advise investors to stay long as long as the index holds above 10,750-10,700. “Last week’s action does not provide any major cue. If we combine it with the prior week’s developments, we can construe this as a lull before the storm,” said Sameet Chavan, Chief Analyst, Technicals and Derivatives at Angel Broking.
“Hence, we continue with our stance as long as the Nifty remains above 10,750–10700 levels. Till then, any intra-week decline would be a buying opportunity,” he said. Chavan sees the index gearing up for record highs and will not be surprised if it occurs over the next 1-2 weeks.
After a multi-month correction, this counter appears to have posted a durable bottom after testing November 2016 lows of Rs 1,256 from where a big uptrend unfolded in this counter.
The last couple of weeks, price action is clearly pointing towards a decent basing formation around Rs 1,260 from the cushion of which it can be expected to register a bigger relief rally.
Hence, positional traders are advised to adopt a two-pronged strategy of buying now and on declines around Rs 1,270 for an initial target of Rs 1,397 with a stop loss of Rs 1,250.
This counter appears to be moving in a range of Rs 1,470 – 1,595 which is in line with the market indices and as it tested and bounced back from the lower end of the consolidation range it can be expected to reach the upper band whose value is placed around Rs 1,600 levels.
Hence, positional traders should buy now and on declines between Rs 1,495 - 1490 for a target of Rs 1,595. A stop-loss suggested for the trade is Rs 1,467.