Nifty move as expected 10135 – 9670- 9884- 9444 – 9595 – 9240,9005. As mentioned in our earlier posts 10200 will be crucial resistance in the markets. Further move will only start after crossing level of 10200 on the Nifty. I believe A of ABC correction is almost near completion. It should rebound from here to a level of 9884 to 9907. Thereafter it will continue its southwards journey to a level of 9444, where it can find a temporary support. If Nifty closes below 9650 the chances of bounce back will diminish & it will chase its next target of 9444. Long term investors can start accumulating good quality stocks below 9500. Although Nifty might remain in a range of 9200 to 9900 for next 6 to 9 months, if Global situation will remain tense. We are cautious on Banking, Auto, Oil Gas & Sugar. We would accumulate Consumables, Pharma, IT for the long term.
