Key Points
There could be some near-term weakness in the market after the Nifty nearly touched the 20,000 milestone last week following a run-up that resulted in equities becoming overbought..
Nifty has almost tested the new milestone of 20,000 and gained over 7% in the last four weeks, which has pushed the oscillators into the overbought zone..
Although experiencing some profit-booking, the strong uptrend remains intact, while concerns over overbought conditions persist due to ongoing results season and major oscillators signalling overbought levels..
The index retains a positive medium-term outlook as long as it stays above the crucial 19,400 level, which is a 21-day exponential moving average, while a near-term psychological resistance stands at the 20,000 mark..
Notably, stocks like Federal Bank, Computer Age Management Services, FDC, Firstsource Solutions, Piramal Enterprises, Sun Pharma and Sunteck demonstrate strength and present a favourable risk-reward setup for long positions, while UPL, Atul and SRF present favourable short setups...
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