Bonvista Financial Planners

NIFTY View For Week 6-10 April 

Read this report on our website Bonvista Financial Planners 

A very short trading week is over. We had indicated at an upward bounce in Nifty. The support we mentioned is respected by Nifty. Markets have shown positive momentum. What next? Do we say that the downside is over?  

Technical Overview: Last week Nifty made high of 8603 and low of 8380. A range of almost 223 points. For the week to come positive bias is expected to continue during initial 2-3 trading sessions. Nifty has a hurdle at higher level and I feel that upward trend may not last long. Lower top formation process is underway. Trade with caution on long side.  

Support is at 8400-8270. New resistance is formed at 8680-8785.                                         

 Short Term (Few days to  a Week) : Nifty has broken the current resistance. Short term trader can long at current level for target of 8650.  

Medium Term (Few weeks to a month): The current resistance level is invalidated by Nifty. Medium term traders may exit short positions, if any. One can go short near new resistance level as mentioned above. 

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 has acted as catalyst to Nifty's upward movement. Bank Nifty showing symptoms of further up move. The upward pullback may be traded during first 1-2 trading sessions of next week. 

CNX IT may trade negative bias in coming week.                                                                                

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For coming Week Bonvista Financial Planners Recommends: 

Last week Target achieved in SIMEMENS.  ARVIND and  ICICIBANK are closed for profit. Total Profit 18762.50. 

HCLTECH (Sell): Sell HCLTECH near 941 for a target of 915. Maintain stop loss at 955 

LUPIN (Buy): Buy LUPIN near 2037 for a target of 2055. Maintain stop loss at 2005 

MCLEODRUSS (Buy): Buy MCLEODRUSS near 240.55 for target of 249. Maintain stop loss at 236 

Note: We regret the typo error in entry price of ICICI Bank and stoploss of Siemens in last week's newsletter. 

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