Nifty indicates a trending action in the near term

Where we are: The Nifty in past few weeks has seen a sharp rally with brief corrections, which reflects strength in the current uptrend. The Bank Nifty, after six weeks sideways consolidation, exceeded its resistance zone and has closed above 26,000, which is a bullish signal, and has strong support around 25,850 levels. 


What is in store: The Nifty indicates a trending action in the near term and traders can expect rallies towards 11,050. The index has .. 

What could an investor do: There are select stock which have confirmed a strong reversal formation on the monthly charts and can be considered for investments. PTC, Zeel, Godfrey Phillips and Tata PowerNSE 0.84 % can be bought for an upside potential of 15-20 per cent in the next few months. We expect SBI, Orientbank & Canbank to see an upside of 10-15 per cent from current levels. 
 

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