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Nifty to consolidate in expiry week; 3 stocks which could give 9-11% return in 1 month
We believe the markets will see a consolidation in the range of 10,500 to 10,730 levels over the next week
We believe that the markets will see a consolidation in the range of 10,500 to 10,730 levels over the next week, and there could be volatility with respect to rollover movements in individual sectors/stocks and quarterly results,
Yes, Nifty50 closed the week with marginal week-on-week gain of 10 points, and closed marginally above its crucial resistance level of 10,600-level.
The index recovered from the lows of 10,418 with broad-based positive momentum across sectors and the stocks in the last two days of the week.
The Nifty withhold the support levels of 10,440 (50 percent Fibonacci retracement of prior up-move from 9,952, to 10,929 levels).
We believe that the markets will see a consolidation in the range of 10,500 to 10,730 levels over the next week. Yes, there could be volatility with respect to rollover movements in individual sectors/stocks and quarterly results.
The entire macro scenario is changing especially with respect to higher crude oil prices and weakness of rupee against Greenback.
We are witnessing stocks from energy, automobiles, cement and midcaps space which is hitting fresh lows and the correction is pretty sharp compared to the broader markets.
Defensive sectors like FMCG and IT are scaling fresh 52-week high in the current month. We would rather suggest booking profit albeit partially, in outperforming sectors.
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