Nifty on track to reclaim 11,000; 10 short-term ideas that could return 4-10%
Traders are advised to trade with a proper exit strategy and should keep focusing on individual pockets that may provide better trading opportunities
The Nifty rallied a little over 3 percent in the week ended November 30, bring to a close one of the best weeks for the market in recent times. The Sensex broke above 36,000, while the Nifty reclaimed its crucial 200-day moving average and 10,800 in the week gone by.
Rollovers to the December series are also higher than the 3-month average, which suggests that the momentum is likely to continue. Investors who went long on the index should stick to their positions, but volatility may increase ahead of the RBI policy meet and state election results next week.
Recently, traders were quite skeptical about the Nifty crossing the ceiling of 10,750–10,800. However, on November 29, a massive bump at the opening bell resulted in the index breaking this multiple resistance zone quite convincingly, courtesy a gigantic overnight rally in US bourses.The momentum indicator outlined a positive divergence in price with its weekly RSI at 56 coupled with MACD making bullish crossover above its Signal-Line on daily basis. We have a buy recommendation for V-Guard Industries which is currently trading at Rs 210.40 source- www.moneycontrol.com
Usually, after this kind of huge volume, day prices may undergo consolidation. Hence, traders are advised to buy at current prices and add further on dip around Rs 925 with a stop of Rs 897. The expected target for this trade is around Rs 990.
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