Expect nifty to touch 10,400 levels in the short term devang shah

Expect Nifty to touch 10,400 levels in the short-term: Devang Shah

STOCK MARKET NIFTY CLOSE-10066.40 (04.08.17) Market achieved most awaited 10,000-mark on Nifty. It has achieved my first short-term target near recent high. It made a high of 10,137.90 levels on Nifty and 32,686.48 levels on Sensex so far in this rally. It closed 5th consecutive week in a positive

territory. It also managed to close above 10,000 levels on Nifty at the end of weekly trading session. It still looks like possibility of extension case further based on overall wave counts in short term.

9900-9800 levels on nifty is strong support for short term from trading perspectives. We may see some kind of profit booking or consolidation around these levels in the short-term, but any kind of decline is still buying opportunity for short to medium-term.

One should still expect higher levels targets till short term reverses before any kind of major price-wise correction.

Short-term outlook for the market remains positive till Nifty trades above 9,709 levels and is expecting target of 10,400 levels in the short-term. Medium term outlook for the market remains positive till Nifty trades above 8,968 levels and is expecting targets in the range of 12,000-12,200 levels in medium term.

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