Friday, 17 August 2018

Stock Picks Of The Day: 3 LargeCaps That May Deliver Up To 7-10%

Posted by suhani varma on Friday, August 17, 2018 with No comments

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After enjoying a five-week solid upswing, the Nifty is finally showing early signs of fatigue. Indices have entered into a consolidation phase at the current juncture on account of multiple challenges.

The rupee failed to halt its weakening trend as the currency continued to free fall against the dollar on Thursday. The rupee breached the psychological Rs 70 per dollar mark in Thursday's trading session and hit a fresh low of Rs 70.39/$.

Global weakness continues to dent sentiment on the street. However, the overall scenario for the Indian equity market has not changed as yet as the higher peak and higher trough structure continues to remain intact.The short term trend is likely to reverse only if the Nifty breaches the 11,340 on a closing basis. On the upside, a break above the resistance of 11,500 would trigger a fresh breakout for the Nifty.

The Nifty Pharma index continues to show immense strength after the breakout that it witnessed two weeks earlier. The index has managed to form a bullish engulfing pattern, which further strengthens our conviction on the sector.

The Nifty Midcap 100 index remains stuck in a narrow trading band and is forming a Flag pattern. It is also sustaining above its long-term 200-Double Exponential Moving Average, which is a positive development. A break above 19,330 level would trigger a Flag pattern breakout.

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