Update on NIFTY. Technical Perspective for long term and short term.
Current price: 8660.
Short term outlook: bullish above 9000. target 9400 and 9800. SL 8400.
Long term outlook: NIFTY bearish but oversold. Consolidation towards 9800 expected.
NIFTY could range between 7500 and 10000 for few months. We are strongly bullish above 10,000 and strongly bearish below 7500.
If NIFTY could stay above 9000, range for next 3 months would be 8800 to 10,000.
If NIFTY fails to stay above 9000. It could range 7500-9000 for 3-4 months before it moves towards 10,000 and 12500 in a year.
We like IT, Private banks, FMCG, Speciality Chemicals and other quality midcap stocks.
We are bearish on Auto, PSUs, Metals, Smallcap and Microcap. They can pullback faster and drop even faster.
We are neutral on Pharma.
Next 3 months will be a range bound market. With respect to Global Market, we expect the NIFTY to range between 8800 and 10000 for next 3 months provided NIFTY breaks above 9000 once.
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