NIFTY View For Week 20-24 April
Amid mixed global cues, Indian markets decided to take their own direction. Last 3 trading sessions was a
nightmare for bulls while bears would have enjoyed the steep slope. The
way markets fell in last 3 trading session, gives us an indication of a
healthy correction.
Technical Overview: Last week Nifty made high of 8845 and low of 8596. A range of almost 250 points. Last week we had mentioned a resistance at 8910. Nifty couldn’t reach this level. Nifty reacted much before this level.
Nifty weekly chart has formed a candlestick pattern called Bearish Engulf. This suggest that bears are stronger than bulls and there can be further downside.
New resistance is formed at 8700-8760
There are 2 support levels shown on chart. First Support is at 8525-8455. If this is broken we have next support at 8400-8270.
Short Term (Few days to a Week) : Sell
on rise is the mantra. On hourly time frame Nifty has resistance near
8700. One can sell Nifty at this level for target of 8600.
Medium Term (Few weeks to a month): Trend is down in medium term. Formation of lower top lower bottom is now evident on daily chart. Sell Nifty on rise.
Long Term (Few months to Year): Coming dip can be used as long term buying opportunity in selected stocks.
Trend is down in BankNIfty. IT has strong support near 18000-17700 range. Resistance is formed at 18630-18850.
Next week longs can be created in PSU Banks and Metals.
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Last week Target achieved in ADANIPORTS and AUROPHARMA and stoploss triggered in ASIANPAINT. Total Profit Rs. 9193/-.
Above prices are spot prices and profit/loss calculated with 1 Futures lot
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