Hot Stocks: Nifty clocks record highs, enters uncharted territory

In the penultimate week, we saw some indecision in the market around 12000 which eventually resulted in a decline towards 11,900 levels on the Nifty50.

We have been quite vocal since the last few weeks that it is a matter of time that we could see Nifty50 clock fresh record highs and finally it has become a reality.

The benchmark index has registered its highest ever weekly as well as monthly close and the way charts are shaped up, we expect a continuation of the northward trajectory.

For the coming week, our projected targets are around 12200 – 12290 and if we stretch a time period a bit, we will not be surprised to see the index heading towards 12400 – 12500, which coincides with the key Fibonacci ratios.

On the lower side, 12000 followed by 11883 are likely to provide good support for the market. Traders are advised not to remain skeptical as the recent rally has been vertical in nature and looks a bit overbought.

In such a strong trend, the market generally tends to give gravity-defying moves and hence, one should refrain from taking contradictory bets with a positional view.