Market update as on 17
July 2018
In our last week’s market update, we mention how Indian markets can
touch 11000, the NIFTY life time high in the coming week and languish there. We
saw that till the week ended 13th july, the market scaled to those
highs with the help of Infosys, tcs, reliance industries, the hdfc twins and
ITC with erratic individual stock moves in other stocks. We also foretold about
the due bounce back in some frontline midcap and smallcap stocks. However that
rally doesn’t seem to be holding at least as of now (as of this writing on Tuesday
17th july).
We continue to hold the same view that the market should rally due to 5
individual stocks which will continue to rally along with the IT sector. We
believe traders should do positional trading in them by taking delivery or
buying call options for July or may be now august month. The bounce back
rallies in beaten up NBFCs and other counters fads fast so be careful to trade
in them. We believe new highs can be made if 10950 level is sustained, in a
couple of week only. We are fortunate that Dow and other global markets are
also languishing and not tanking for reasons whatsoever. The usual suspects
like IT, RIL, some autos and some specific stocks from different sectors which
are strong and rising, will continue to perform so take long in them is prudent
advice instead of advising to short in the already too much beaten up and
oversold PSU, NBFCs, Infra, cement and such counters.
The given views are
subject to change depending on changing market and global economic conditions. Become
member to benefit from market and individual stock moves.
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