WEEK GONE BY
Nifty traded almost RANGEBOUND for all the 5 trading days of the week, and closed the week in positive zone at 5245, up 44 points. It marginally surpassed the 5300 level on 2 days on intraday, but could not secure a close above 5300. The trading range for the week was 5197-5310, with the low of the week of 5197 recorded on Monday, and the high of the week of 5310 touching on Wednesday.
WEEK AHEAD
Though nifty has been found to face good supply zone on every rise, the expectation of better Q3 results has helped nifty in avoiding any reaonable slide. It may continue its near rangebound trade for the second week during the next 5 trading days, but may close the week in negative zone. The trading range for the week is likely to be 5160-5320.
STOCK RECOMMENDATION
My stock pick for this week is GITANJALI GEMS (cmp 126.10).
Gitanjali Gems - FV 10 - CMP 126.10 - All Time High 480 - 52 weeks High 148 - 52 weeks low 32 - Equity 85cr - Expected EPS for 03/10 is 17+ - One of the very few listed companies with national brands of jewellery.
BUY this stock below 120 for one month target of 160 & one year target of 250. Allot a portion of your investment meant for Gold into this stock, and the stock will outperform gold in one year.
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