Update on NIFTY for April 2018. Strong pullback towards 10400 as expected.
Earlier, we expected a strong pullback towards 10200 and 10400. NIFTY is above 10400 with help of Autos and Banks. IT continue to consolidate. Metals, PSUs, Pharma, etc are in pullback mode.
As said earlier, we are bullish on IT, NBFCs and FMCG.
NIFTY trend is positive. Revised Range 10100-10550. Dips towards 10250 is possible. It can used for a good accumulation for 200-400 point short term rally on the upside.
Since the momentum is low, NIFTY can end April between 10250-10550. Quarterly results shall be the momentum trigger on the both side.
Upside rally can be lead by IT and FMCG in the near future. Correction/consolidation in Autos is expected before upside breakout. Bullish on Indian market for medium term to long term. Market to continue moving with Global markets.
Read earlier updates on NIFTY: