By Swapneel V MantriWhere are We The week gone by saw the Nifty post handsome gains on the back of dovish Fed comments and continued improvement in local macros.
The Nifty ended the week at 10,876. What is in Store With crude trading way lower than its recent highs and INR trading near 69-70 levels, things look brighter on the macro front.
As we head into the eventful last series of the calendar year, any positives from the G20 summit, OPEC meet and on the political front will help markets to consolidate current gains.
Levelswise for the coming sessions, 11,090-11,200 target zone on the upside, and 10,820-10,790 support zone.
The 200 DMA for Nifty is at 10,740. What you Could Do: The correction of past few months has been sharp and as a result, many of the good scrips have fallen to lucrative levels.
Investors can make the use of this opportunity to accumulate the quality scrips at current levels and consolidate the portfolio holdings from a long term point of view. Two-wheeler counters, such as Hero MotoCorp and TVS Motors, are showing signs of bottoming out and can be accumulated at current levels for higher targets of Rs 3,650 and Rs 660, respectively, in short to medium term. Commercial vehicles and farm-equipment player Escorts is showing consolidation at current levels and can be accumulated for higher target of Rs 820.
Among frontline counters, ACC, Grasim, Dr.
Reddys, SBI showing promising chart patterns and expect to head towards Rs 1,652, Rs 940, Rs 2920 and Rs 320 levels, respectively, in short to medium term.