Last week, the market started trading with a positive note. Nifty maintained its momentum while making new milestones. In the first few trading sessions of last week, the index was seen going above 17,400 but in the end it did not manage to maintain its gains. There were signs of profit taking in the second half of the week but the bulls again came to the aid and Nifty managed to achieve its highest weekly closing of 17,350.
Same with the shortest range in the market for a long time. The price action of key indices was very sluggish. Although the Nifty appeared in trouble around 17,400, but there was no major decline in the overall market. Till now the bulls are holding the market. But going forward, it will be difficult for the market to rise further. Therefore, it would be advisable to trade with caution in the market. Now the correction can be seen anytime.
The levels of 17,450–17,500 are very important for Nifty. There is support for this at 17,300 – 17,250. If the market goes below it, then we will see the weakness increasing. Traders are advised to bet only on selected quality stocks with strict stoploss and take periodic profits.
Here we are giving 3 calls out of which one is sell and two are buy-
Marico | LTP: Rs 575 | This stock has a buy call with stoploss of Rs 558, target of Rs 605. This stock can see an upside of 5.2 percent in the short term.
IIFL Wealth Management| LTP: Rs 1,674.75 | The stock has a buy call with a stop loss of Rs 1,590, target of Rs 1,820. This stock can see an upside of 8.7 percent in the short term.
Bajaj Finance| LTP: Rs 7,430.65 | This stock has a buy call with a stop loss of Rs 7,600, target of Rs 7,340-7,300. A downside of 1.2-1.8 percent can be seen in this stock in the short term.
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