Published on 13/01/2018 10:48:10 AM | Source: Religare Securities Ltd

Bank Nifty remained range bound and managed to end marginally higher - Religare Sec

Posted in | #Market Outlook #Religare Securities Ltd


NIFTY OUTLOOK

* Nifty, in continuation to its prevailing uptrend, traded with positive bias and gained nearly a percent in the passing week.

* Going ahead, the on-going corporate earnings will dictate the market trend along with cues from global front.

* Technically, all indications are in favor of prevailing trend to continue and expect Nifty to inch higher. However, volatility will remain on higher side and hence advise traders to remain cautious and adopt a stock selection trading approach.

NIFTY BANKNIFTY OUTLOOK

* Bank Nifty remained range bound and managed to end marginally higher.

* Technically, it is on the verge of breakout from its consolidation phase and likely to witness strong surge ahead.

* We reiterate our advise to focus on private banks and accumulate quality stocks on dips. Any rebound in PSU pack should be utilize to exit longs, if any.

* One can consider FEDERALBNK, ICICIBANK, KTKBANK, CUB and YESBANK for taking fresh long positions.

NIFTY ENERGY OUTLOOK

* Nifty Energy Index upheld positive stance in the last week. It is well placed on multiple time frames.

* It has taken a halt near its record high and consolidating around the same. We feel it’s a healthy pause and traders should utilize this phase to accumulate fresh long positions.

* For short term to medium term, one can consider stocks like HINDPETRO, ONGC and RELIANCE.

NIFTY FMCG OUTLOOK

* Nifty FMCG Index performed well in the passing week and managed to settled with decent gains.

* Post breakout from its long consolidation phase, it has been continuously forming higher highs and higher lows on weekly chart. We expect this bias to extend further.

* Traders can initiate fresh long positions in stocks like GODREJIND, COLPAL, GODREJCP and HINDUNILVR from this counter.

NIFTY PHARMA OUTLOOK

* Though Nifty Phama index has ended with marginal gains, but its overall trend is still weak.

* It is struggling near its resistance zone around 10000 and failed to cross that barrier in the recent attempt as well.

* We uphold sideways to bearish view for the pharma stocks and suggest being very selective in the this space.

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