Saturday, August 16, 2014

NIFTY View For Week 18-22 Aug 
The markets have regained positive momentum. With a reversal in global market, Indian markets too, have started moving upward. This is usual in a bull market. That shows the urge of buyers to invest in equity market. At every level (dip) someone or other (institutions / FII) are buying.                                         
 Technical Overview:  Last week Nifty gapped up and never looked back. Nifty registered a low of 7598 and made a high of 7796. Our last week's resistance was broken effortlessly by Nifty. On daily charts Nifty has made a higher bottom. This higher bottom will now act as a support. We need to wait for markets to break above its all time high. 
Short Term (Few days to a Week) : On hourly charts Nifty is trading near its resistance. It has broken its earlier lower top, to possibly start a cycle of higher top and higher bottom. Nifty has support in the range of 7745-7725. One can use this support to buy Nifty Future. The resistance is in the range of 7800-7785. If this broken next hurdle is at 7820-7840.                                                       
Medium Term (Few weeks to a month): On daily charts resistance is in the range of 7800-7840. Support is in the range of 7635-7600. The broad range of market is between 7400 -7800. We can expect markets to remain in this trading range of some time. 
 (Few months to Year): Bullish view is maintained. We have been writing about buying opportunities on dip. Do not be panic by small corrections. It’s a sign of healthy market. Buy on dips for long term investing. 
Nifty Futures Trading View: Buy Nifty near 7750 with a stop loss of 7710. One can expect a target of 7800. This is a purely short term trading call. 
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 View on Sectorial Indices:  
Auto, Metal and Energy are on its way to higher levels. Buying can be done in these stocks. Media is trading near its support. Once can find some low risk buying opportunities in Media. 
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Recommendations of the week: 
ADANIENT (Buy) Buy Adani Enterprises near 487 for Target of 505. Maintain stop loss at 473 
ZEEL (Buy): Buy Zee Entertainment near 270 for a target of 282. Maintain Stop loss at 265 
UCOBANK (Buy) - Buy Uco Bank near 96 for Target of 100. Maintain Stop loss at 93                         
For any clarifications on these recommendations , you may mail us on bonvistaplanners@gmail.com

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