NIFTY View For Week 20 Oct-24 Oct
Let me take this opportunity to Wish a Very Happy Dipawali to all the readers of this post.
The
week gone by has seen disasters in almost all the world markets. We had
cautioned our readers in last post about the upcoming fall. Markets can
not one way. US markets were showing exhaustion of buyers since last
few days, that has resulted in a fall in last week. This correction seem
to be here, for global markets,
for some time to come. Indian markets are expected to be comparatively
lesser volatile. May not fall to that extent. A short trading week
ahead. Muhurat Trading on the day of Laxmipujan is an occasion for us to make that trade which will bring us the blessings throughout the year.
Technical Overview: On Friday, the last trading day of week, we have seen Nifty making
some recovery on charts. This can be an indication of an upward
pullback. How far this pullback can move. There are 2 areas which I can
see. If Nifty breaks above 7975, we can expect it to move up to 8100. A
pullback upto
7860 seems quite obvious. Our major support of 7640 is yet to be
tested. We can expect Nifty to move down to this area once the upward
pullback is over.
Short Term (Few days to a Week) : Trend is down. Upward pullback is expected. Short
term traders can create short position near 7860 with stop loss at
7910. If Nifty moves down from this level then we can get a target of
7640.
Medium Term (Few weeks to a month): On daily charts Nifty is in the formation of lower top lower bottom. The pullback if breaks above level of 7975, we can assume that Nifty downtrend has taken a halt. In this case Nifty is expected to remain in a range for some time.
Long Term (Few months to Year): Hope that long term investors would have accumulated some of the good value stocks for long term. Market offers us the opportunity at every level.
View on Sectorial Indices:
Banking
and Financial Indices are expected to move higher in coming week. Some
buying can be in these stocks. Pharma is at support. Buying can be in
done in some pharma stocks which are trading near its support.
To receive this Newsletter by email drop us a mail on bonvistaplanners@gmail.com
Recommendations of the week:
Last week TVS Motors and UPL have met their targets.
ACC (Buy): Buy Acc Cement near 1407 for a target of 1435 . Maintain stop loss at 1374
ADANIPOWER (Buy): Buy Adani Power near 42.6 for target of 44. Maintain stop loss at 41.5
Auropharma (Buy): Buy Aurobindo Pharmaceuticals near 913 for target of 960. Maintain stop loss at 889
No comments:
Post a Comment