Market Outlook for 23 Nov 2016
After closing in red for six consecutive trading sessions Nifty took a breather yesterday and managed to close in green above 8000 levels forming a Bullish Harami and Hammer pattern on daily candlestick charts indicating a possible reversal. Nifty is likely to open gap up today as SGX Nifty was trading 60 points up at 8050 at 8:15 am. There is very high probability of markets having bottomed out in near term and the reversal would be confirmed if Nifty manages to close near days highs today. To resume uptrend Nifty must move and close above 8300 levels on daily charts. Nifty may see some resistance around 8150/8220 levels. We continue to remain positive on Indian markets in medium to long term and advise investors to buy quality stocks on dips. Traders can initiate long positions in selected stocks and maintain a Nifty stoploss of 8000 and book profit once Nifty approaches 8300 levels.
F&O Recommendations :
LONG LT, DHFL, NMDC, INDIACEM, HAVELLS, ZEEL
SHORT GAIL, JET AIRWAYS