Nifty made a Doji on the weekly chart report by Mustafa Nadeem CEO, Epic Research

Mr Mustafa Nadeem, CEO, Epic Research Pvt. Ltd.

Indian benchmark indices ended down weighed by negative cues from global as well as Asian markets on the back of profit booking. Market closed below the crucial number of 7800 which has triggered trailing stop losses of positional long term traders and somewhat profit booking is triggered on large positions. We are in now for a further downward correction towards 7550 to 7600 in coming week if we close below 7700.

We must also advise that this is just a healthy correction over a period of time which was due and indecisiveness was reflected when Nifty made a Doji on the weekly chart with a negligible body. profit booking was seen in every sector PSU, IT and Auto seeing sharp cut above 1%. It will be a select play in coming trading sessions with focused approach keeping demand, supply and cycle in nature. Investor can turn to Pharma stocks like Auro, Biocon or fertilizer and agriculture are still top picks in medium term play.

Source : Equity Bulls

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