By Swapneel V Mantri Where are We The week goneby saw volatile expiry to the Feb series with broader markets gyrating to multitude of geopolitical news flows.
The Nifty closed the week at 10,863, a tad above the 200 DMA of 10,860.What is in Store Expect rangebound trade on the Nifty as we start with last series of the current financial year.
Level-wise, 10920-10950 is the resistance zone and 10790-10750 is the support zone.
Close above 10,950 levels may see Nifty heading towards 11,020-11,050 zones.
Further, BankNifty is showing good consolidation at current levels and a breakout above 27,200 may see it heading towards 27600-27800 levels.What Should an Investor Do Investors can accumulate the quality scrips at current levels and consolidate the portfolio holdings from long term point of view.
Stock-specific, frontline counters like Axis Bank, SBI, Larsen and Toubro are in uptrend and can be accumulated at current levels for higher targets of 762, 292-295 and 1,460, respectively, in the short to medium term.
Cement sector scrips, such as ACC and Ambuja Cement, are showing good uptrend signs and they are expected to head towards 1,560-1,620 and 235, respectively, in short to medium term.
Among midcaps, select NBFC scrips such as Chola Finance, Shriram Transport and Ujjivan are displaying positive chart structures and are expected to head higher for targets of 1,352, 1,240, 320 in the short to medium term.The author is technical analyst Institutions, Sushil Finance.