Nifty in decisive range of 9950-10050
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)