Published on 18/03/2017 10:48:37 AM | Source: Religare Securities Ltd
Nifty FMCG index performed well in passing week - Religare Sec
* Nifty, after two weeks of consolidation, surged strongly in the passing week and made a new record high above 9200.
* Favorable cues, both from the domestic and global front, helped index to witness breakout and gain nearly 2.5% .
* Markets are currently riding on the wave of optimism and we expect this continue ahead also. However, traders shouldn’t go overboard as we’re at the record highs and suggest focus on stock specific trading approach.
NIFTY AUTO OUTLOOK
* In line with benchmark, Nifty Auto Index also posted decent gain, with noticeable participation from almost all the auto majors.
* Technically, its chart formation indicates upward bias to continue ahead as well and likely to retest its record high soon.
* Traders may consider fresh buying in MARUTI,BAJAJ-AUTO,HEROMOTOCO and ASHOKLEY.
NIFTY FMCG OUTLOOK
* As expected, Nifty FMCG index performed well in passing week and made a new all-time high as well.
* It looks upbeat at current juncture too, daily and weekly charts are clearly pointing towards further up move ahead.
* Stocks which traders can consider from this pack are BRITANNIA,DABUR and GODREJCP.
NIFTY MNC OUTLOOK
* It was an exceptional performance by the MNC index as it settled with gains of over 3%.
* Technically, it has crossed its strong resistance around 10730 on weekly chart and likely to continue this momentum.
* Traders can consider stocks like CASTROLIND,BRITANNIA, and CUMMINSIND from this pack.
NIFTY PHARMA OUTLOOK
* Despite strong market, the Pharma index traded lackluster and failed to cross its long time hurdle of 100 day EMA on daily charts around 10800 levels.
* Most of the Pharma stocks either witnessed steep sell-off of late or are trading in a narrow range, indicating sideways to bearish bias ahead.
* Therefore, we advise traders to avoid this space and use bounce to exit longs.
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