By Swapneel V MantriWhere are We The week goneby saw Nifty starting New Year on a sluggish note, gyrating to various global and local news flows amidst global growth concerns and macro volatility.
Nifty closed week at 10727, tad below 200 DMA of 10781.What is in Store Nifty has been trading largely range-bound with stock specific action and expect to head towards 10,950-11,050 levels on firm close above 10,820-10,850 levels.
On downside 10,690-10,650 is support zone.
Further, as market breadth improves one can expect momentum to pick up in midcap counters too.What could Investors Do: Investors can accumulate quality scrips at current levels and consolidate portfolio holdings from long-term point of view.
Stock specific frontline counters like Axis Bank, Bharti Airtel showing positive signs and can be accumulated at current levels for higher targets of 690, 362 in short to medium term.
Agrochemical player, UPL is showing good consolidation at current levels and expect to head towards 870 on close above 785 levels.
Among midcap counters, select scrips like Amara Raja Batteries, Balmer Lawrie, Coromandel International, ConCor are displaying positive chart structures and expect to head higher for targets of 762, 220, 520, 740 in short to medium term.The author is Technical analyst Institutions, Sushil Finance.