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Diwali Picks - Technical - October 2017

Kotak Securities | 13 Oct, 2017  | Follow Author | Add to my Favourites 
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Nifty has rallied as per expectations, to the levels of 10200. However,initially Nifty fell to extreme levels of 7893 due to "Demonetization".

For Samvat 2074, we are expecting the market to correct first due to weak structure on weekly charts. However, for Samvat 2074, we are projecting target of 11850. In the past (since October 2008), whenever the market has corrected, it arrested at 50% retracement of the rise for that period. In brief, in the coming weeks or months, Nifty could correct to the levels 9000 in worst case scenario. But looking at the overall strength of the market, due to positive news flow and excess liquidity in the system, we are expecting 9400 to act as major support for the market.

BEML: BUY - CMP: Rs.1708 TARGET: Rs.3500

ITI: BUY - CMP: Rs.154 TARGET : Rs.275




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About Kotak Securities


Kotak Securities is one of India’s largest share broking firm offering demat account, online trading, mutual fund and IPO investing service’s along with a research division specializing in Sectoral Research and Company Specific Equity Research. Express your views on their Facebook Page and Twitter Handle (@KotakSecurities) or you can also visit for more information.


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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor accept any liability whatsoever arising from the use of any of the above contents.


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