Nifty Continues Upward Trajectory, But Caution Advised
The Nifty continued its upward trajectory for the week ended September 15, closing with a gain of 1.88 percent, just below the 20,200 mark. This was the third consecutive week of gains for the index, which has now formed a positive “saucer” pattern.
However, indicators have entered the overbought zone, and the daily chart displays small-body candles, suggesting some signs of fatigue among the bulls. Moreover, prices have approached a key level, the “Golden Ratio Retracement” at 161.8 percent of the fall from 18,888 to 16,828 i.e. considered as a stiff resistance.
Hence, going ahead, the next leg of up move may not be as swift as recent times, potentially involving in-between pauses or price corrections. The overall sentiment remains positive, and the advisable approach is to view dips as buying opportunities.
Two Buy Calls for Short Term
Grasim Industries
- LTP: Rs 1,972.85
- Stop-Loss: Rs 1,892
- Target: Rs 2,110
- Return: 7 percent
SBI Life Insurance Company
- LTP: Rs 1,373
- Stop-Loss: Rs 1,343
- Target: Rs 1,430
- Return: 4 percent
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