Nifty takes a breather, but analysts see uptrend still intact. 3 stocks to buy for the week
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After four straight weeks of gains, the Nifty finally paused for breath as profit booking at higher levels weighed on sentiment. The benchmark slipped 73 points, or 0.28%, to close the week at 25,722, while the Sensex lost 273 points to end at 83,939. The mild decline, however, does not signal a reversal, with most analysts expecting the market to consolidate before attempting a move towards the 26,000 mark next week. According to Axis Securities, the index formed a small bearish candle with a long upper shadow on the weekly chart, indicating temporary exhaustion after the recent rally. The brokerage believes Nifty is sustaining well above its medium-term downward-sloping trendline, which continues to affirm the overall bullish structure. "The support zone lies between 25,500–25,300 levels, while a sustained move above 26,000 could trigger buying towards 26,100–26,300 levels," Axis noted in its weekly report. The firm expects th...