Nifty may find it hard to surpass 9,200; top 3 stocks to buy for 5-21 sessions

It was a historical month for our markets as benchmark indices posted a monthly close on record highs. Although 9,200 has been yet to taken off convincingly, the overall buying interest around 9,050-9,020 was certainly an encouraging factor for our markets.

                                Due to a decent recovery in the last four days, the Nifty eventually closed on a high note. In the month gone by, we saw a range-bound activity within 200 points post the gap up opening on the back of UP election outcome.

 

It was hard to surpass the 9,200 mark as 61.8% ‘Reciprocal Retracement’ of the previous down move (from 8968.70 to 7893.80) converged around this level. But, having said that, the weekly chart structure still looks sturdy and is poised for much higher levels in the longer run.

 

In addition, the rising slope of ‘RSI-Smoothened’ on weekly chart after surpassing the 70 mark, continues to provide a credence for the projected upmove towards 9,400-9,600 (price extension of the previous up move from the recent low of 7893.80) over the next few weeks.

 

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