The Nifty rallied for the third straight session on Thursday, reclaiming levels of 13,700. Overall, this truncated week, the Nifty move was volatile, wherein it faced sharp downticks from the record high of 13,778 to 13,131. However, the inability to provide negative follow through again lifted Nifty close to its record high zone.
On a weekly close, the Nifty snapped seven sessions’ winning streak, albeit the appearance of large weekly lower shadow indicates renewed buying interest at lower levels. Post three days’ advance, levels of 13,450 could turn out as near term support. Mild consolidation is possible, post which the Nifty is likely to continue its northbound journey.
Bulls took a pause in the IT and Media space. Mild consolidation in the coming week is plausible.
Buy Ashok Leyland near Rs 95
- Stop loss: Rs 90.5
- Target: Rs 104
- Recent decline found renewed buying interest near 50-day average. Momentum indicators rebounded in collaboration with recent recovery. Sustenance above Rs 95 could lift it towards Rs 104.
Buy TTK Prestige near Rs 5,950
- Stop loss: Rs 5,700
- Target: Rs 6,450
- Forming another low near a prior month’s low, the stock has defended levels of Rs 5,600. Positive follow up to today’s bullish candle could attract positive momentum.
Amit Trivedi is CMT, Technical Analyst – Institutional Equities, YES Securities. Views are his own.)