Vedanta may fall further; M&M, JK Paper are top buys for next week: Anand James

Nifty extended gains for a third straight week, though momentum is flattening near the 24,200-24,300 zone, with the index consolidating around its pivot band. FII long-short ratio in index futures rose to 15.2, the highest since late April, but shorts remain more than five times longs, signalling that smart money is still on the sell side. Metal stocks face further downside with the Nifty Metal index at risk of testing the 11,850 support, while Vedanta may slide below the 269 horizontal support despite being at the lower Bollinger band. M&M and JK Paper are recommended as top buys for next week, and Kirloskar Oil Engines rallied after winning a data-centre infrastructure order from HyperNext.