Expect target of 10,300 levels for Nifty in medium term: Devang Shah

Market failed to sustain at higher levels & once again came near short term support/reversal levels at the end of weekly trading session. It made a high of 9,698.85 levels on nifty & 31,522.87 levels during week. It closed weekly in positive territory. It still looks like time wise correction in the form of bullish consolidation on main Index (Nifty and Sensex) till short term reverses. One should strictly follow Short term trend till it reverses and use such kind of decline or consolidation to BUY stock specific from medium to long term perspectives. Short-term outlook for the market remains positive till Nifty trades above 9,500 levels and is expecting target of 9,850 levels in short term. Medium term outlook for the market remains positive till Nifty trades above 8,327 levels and is expecting targets in the range of 10,300-10,700 levels in medium term. Nifty Trading Tips

 


Nifty Bank also closed weekly in positive territory. It has strong support around 23,000 levels as per chart attached till it holds one can expect higher levels targets till 27,000 levels in short to medium term. 9,500- 9,700 levels in strong support & Resistance levels respectively on nifty based on derivative option open interest data for expiry perspectives next week. Close below short term reversal levels will only lead to price wise correction in market in short term. Therefore, Risk reward is favorable to BUY at current levels till short term reverses. We have seen sharp selling pressure particularly in mid-cap & small cap index & stocks in last 2 trading session last week. It still looks like medium term consolidation from wave count perspectives on these Index. And its indicating market is going to go to much higher levels beyond anticipation in medium to long term. One should buy quality stocks from these segments in this correction. Future & Option Trading Tips