Published on 17/10/2017 3:10:33 PM | Source: Kotak Securities Ltd
Diwali Picks - Technical October 2017 - Kotak Securities Ltd
Nifty has rallied as per expectations, to the levels of 10200. However, initially Nifty fell to extreme levels of 7893 due to "Demonetization".
For Samvat 2074, we are expecting the market to correct first due to weak structure on weekly charts. However, for Samvat 2074, we are projecting target of 11850. In the past (since October 2008), whenever the market has corrected, it arrested at 50% retracement of the rise for that period. In brief, in the coming weeks or months, Nifty could correct to the levels 9000 in worst case scenario. But looking at the overall strength of the market, due to positive news flow and excess liquidity in the system, we are expecting 9400 to act as major support for the market.
Currently, we could be in the middle of a broader range for Nifty, which is the reason, we are recommending buying in selective stocks in tranches and at major support levels. Sector Specific: For the year, we can expect maximum participation and buying attraction in new themes, energy, metals and cement companies.
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