Nifty outlook and top trading ideas by Devang Shah for today
NIFTY CLOSE- 11680.50 (31.08.2018) The market closed the 6th consecutive week in positive territory. It has extended further & achieved my revised short-term targets levels near recent high as expected last week. It made a high of 11,760.20 levels on Nifty & 38,989.65 levels on Sensex during the week. It looks like the first possibility of some consolidation in the market in the range of 11850- 11,400 levels on nifty in short-term before further trend resumes towards higher levels targets. Sustain above 11,850 levels will lead to a further extension of the rally towards 12,000 levels on nifty in short term. Any kind of short-term consolidation or correction is stock specific buying opportunity till short-term reverses.Stock Picks: KOTAK BANK - BUY CLOSE – Rs 1,284.75 TARGET – Rs 1,305-1325 KOTAK BANK closed the weekly in positive territory. It looks like the end of short-term correction. Its daily momentum indicators are in BUY. It is trading above 20DMA. One can BUY with a stop loss of Rs-1238 for the target of Rs 1305-1325 levels in short-term. JSPL - BUY