Bonvista Financial Planners

NIFTY View For Week 23-28 March 

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We had said that markets may move further down after a relief rally. For initial 3 days of the week markets made an attempt to move up but could not sustain the gains. In-spite of all positive news, markets have failed to recover from its lows. Every time it tried, but bears didn’t let the bulls take over the downward thrust. Positive global sentiments and positive global markets couldn’t hinder the Indian markets from moving down. 

 Technical Overview: Last week Nifty made high of 8788 and low of 8553. A range of almost 235 points. Last week we had given a support level near 8570. Markets are now trading near this support. We may see a bounce back from this level on Monday. However this bounce back does not mean that Nifty has resumed the uptrend. The cycle of Lower Top Lower Bottom may soon be evident on the Nifty chart. Nifty has formed new  resistance level near 8700-8790. The market is slowly turning into sell on rise market from trading perspective. Coming week we have F&O expiry. Markets may remain choppy 

                                                 

 Short Term (Few days to  a Week) : On hourly chart trading in cycle of lower top lower bottom. One can sell Nifty near 8750 for possible target of 8550   

Medium Term (Few weeks to a month): Next good support to Nifty is seen at 8325-8235. One can sell Nifty on rise near 8750 for target of 8350. 

Long Term (Few months to Year): Long term investors must not confuse this downtrend with the bear market. This can just a correction in Nifty and can last little longer. Long term investors should use this opportunity to accumulate good stocks.    

                                      

 

View on important Sectorial Indices: 

Bank Nifty is trading near its support. One can see some bounce from this level. However the current trend remains down. One can sell on rise in Bank Nifty.                             

CNX IT has nicely consolidated near current level. One can see good bounce in IT stocks from here.Short term buying can be done in IT stocks.                                                                                       

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For coming Week Bonvista Financial Planners Recommends: 

Last week Target achieved in INFY and  JSWENERGY and Stop-loss triggered in KTKBANK. Total Profit 19,600. 

AUROPHARMA (Buy): Buy Aurobindo Pharma near 1159 for a target of 1210. Maintain stop loss at 1135 

COLPAL (Buy): Buy Colgate Palmolive near 2010 for a target of 2070. Maintain stop loss at 1970 

HAVELLS (Buy): Buy Havells India near 300 for target of 308. Maintain stop loss at 295 

Above prices are spot prices and profit/loss calculated with 1 Futures lot   

For any clarifications on these recommendations , you may mail us on bonvistaplanners@gmail.com