Published on 25/11/2017 10:56:33 AM | Source: Religare Securities Ltd
Nifty FMCG Index settled marginally higher after traded sideways in the passing week - Religare Sec
NIFTY OUTLOOK
* Nifty again regain its momentum in the passing week and comfortably placed above 10350 mark, thanks to firm news from global market along with supportive local front.
* For the coming week, we expect volatility to remain high ahead of macro economic data viz GDP along with scheduled derivatives expiry of November month contract.
* Technically, Nifty has been rising gradually and we believe this uptrend to continue ahead as well. However, traders shouldn’t go overboard as we’re near the record highs and suggest focus on stock specific trading approach.
NIFTY BANKNIFTY OUTLOOK
* BankNifty moved in line with the benchmark index and posted decent gains in the passing week.
* Technically, it’s well placed on short as well as long term charts and we expect the outperformance to continue ahead also.
* Traders can consider stocks like HDFCBANK, KTKBANK, SOUTHBANK and KOTAKBANK from the private banking space.
NIFTY IT OUTLOOK
* Nifty IT index is witnessing consolidation phase for past almost one and a half year and formed a strong base around the long term moving averages.
* Technically, it is trading just near the upper band of this consolidation zone on weekly chart and likely to witness a breakout from the same in near term.
* We believe this phase is an opportunity to accumulate better placed stocks like TCS, TECHM, MINDTREE and TATAELXSI.
NIFTY FMCG OUTLOOK
* Nifty FMCG Index settled marginally higher after traded sideways in the passing week.
* Currently, it has been hovering in a narrow range near its all the major moving averages (200/100/50) day EMA on daily chart.
* Considering its overall chart formation, we expect a strong rebound in near future.
* One can consider stocks like DABUR, EMAMI, GODREJCP, COLPAL, and HINDUNILVR.
NIFTY PHARMA OUTLOOK
* Though Nifty Pharma Index managed to settled on green last week but failed to cross its major hurdle of 50/100 day EMA on daily chart.
* Considering its past performance and current chart pattern, we believe it will consolidate further in near future and upside seems capped from the current level.
* Having said that, we still believe exceptions are always there. So, suggest traders to be selective in this space.
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