Nifty in de­ci­sive range of 9950-10050

Money Times - - Market Outlook/Market Review - By Rohan Nalavade

Last week, the mar­kets wit­nessed profit-book­ing at the higher lev­els. In the Septem­ber se­ries, the mar­kets wit­nessed a 250-300 points rally on the Nifty from 9857 to 10170. Now, 9950 on a clos­ing ba­sis is a very im­por­tant sup­port level for the mar­ket and pro­vides a buy­ing op­por­tu­nity. Up­trend will re­sume above 10050 and buy­ing vol­umes will be seen for 10100-10150 lev­els. If 9950 is bro­ken, fresh sell­ing could drag the Nifty to 9820. Septem­ber F&O se­ries ex­pire this week. This week is also very im­por­tant as the weekly and monthly can­dles will be formed. Geopo­lit­i­cal ten­sion is af­fect­ing mar­kets the world over and once th­ese is­sues are re­solved, the mar­kets will cheer.

Over­all, the bull trend is in­tact for 10800-11300 lev­els. There­fore, every de­cline in the mar­ket will be used as an op­por­tu­nity to ac­cu­mu­late. The Q2 earn­ings sea­son will be­gin next month. Di­wali fes­ti­val is also in Oc­to­ber and usu­ally, the mar­kets cheer dur­ing this sea­son. So no ma­jor correction is on the card. Mi­nor dips may be seen, which are good for the mar­kets. There­fore, buy good long-term stocks on dips. Among stocks,

Cen­tral De­pos­i­tory Ser­vices looks good at Rs.364 for up­side lev­els of Rs.376-385-400 (SL: Rs.350) Bharat Heavy Elec­tri­cals looks good at Rs.129 for up­side lev­els of Rs.140-155 (SL: Rs.123)

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