NIFTY View For Week 29 Sep-3 Oct
Markets respected all Technical
levels. World markets were full of news, sour and sweet. Our markets,
though, did not have much negative, have collapsed during the week. This
is a sign of Bull exhaustion. A correction seem to be confirmed. Smart
pull back during the last hours on Friday, on the news of S&P
upgrading India from Negative to Stable, will have very short term
effect. A very short week ahead with Monthly closing is ahead of us.
Technical Overview: On Weekly Technical Charts, we had indicated 'Hanging Man'
formation. Nifty is still trading below high of this hanging man. Also
the level of 7900, which we had indicated last week is breached. The
correction is here to stay for some more time. The resistance level is
8070-8160. The support comes at 7640-7540.
Short Term (Few days to a Week) : On hourly chart Nifty is indicating an up move for very short term. The support comes near 7840 and resistance is at 8002. Short term traders can Buy on dip at 7900 with stoploss near 7840. This can give target of 8000.
Medium Term (Few weeks to a month): On daily chart new resistance zone is 8070-8160. We
expect markets to take down move after touching our resistance level.
Positional Traders can go short near resistance for a target of 7840.
The stoploss is near 8160. (The levels given above are Index, traders need to adjust it for Nifty futures)
Long Term (Few months to Year): Markets
continues to be long term bull run. As mentioned above, if we get a
correction, this can be a good buying opportunity fro individual
fundamentally strong stocks from investment perspective.
View on Sectorial Indices:
A pullback (on upside) is
expected in all the indices. But most of them will be facing resistance
above. Pharm and IT are as green as always. You may find long
opportunities in these indices. Traders are advised not to take care in
understanding views on different Time Intervals .
To receive this Newsletter by email drop us a mail on bonvistaplanners@gmail.com Recommendations of the week:
ACC (Buy): Buy ACC Cement near 1435 for target of 1470. Maintain stop loss at 1400.
UPL (Buy): Buy United Phosphorous Ltd near 338 for a target of 345. Maintain Stop loss at 326
TVSMOTOR (Buy): Buy TVS Motor near 219 for Target of 226. Maintain Stop loss at 212.
For any clarifications on these recommendations , you may mail us on bonvistaplanners@gmail.com
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