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Markets on steroids, set to touch news highs

A collation of top 10 stocks picks from the fundamental perspective for the next 12 months.

The Nifty created history by touching mount 9,200 but saw selling pressure, which pulled the index towards its immediate support of 9,150. However, it still closed 2.5 percent higher for the week ended March 17.

The technical indicators might be pointing towards overbought zone but that’s what happens when the euphoria grips markets. This is not the time to go short, but traders can still book partial profits and add positions on the decline.

Riding high on the liquidity bandwagon, the Nifty, which has already rallied over 12 percent so far in 2017, looks poised to hit 9,500-9600 mark in the next 4-6 weeks, said Mohammed Apabhai, head of Asia trading strategy at Citigroup Global Markets in an exclusive interview with CNBC-TV18 on Friday.

The market is currently driven by global liquidity and it would be too early for investors to take money off the table.

On the technical front, Nifty has broken out of a downtrend line resistance formed joining previous peaks triggering a bull trend reversal.
Source: moneycontrol.com

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