Sunday, May 31, 2015

NIFTY View For Week 1-5 June 
Read this report on our website Bonvista Financial Planners  
Monday onward markets will trade into first day of next month. Global markets are trading with mixed cues. We have crucial data like GDP, WPI and RBI monetary policy in couple of days. Do we say Nifty has bottomed out? 
Technical Overview: Last week Nifty made high of 8443 and low of 8270. A range of almost 175 points. We had mentioned a resistance near 8500 level. Nifty could not break above that level. The support which I had mentioned at 8260 nicely held nifty. Nifty bounced from that level to close near high of the week forming Dragon Fly Doji pattern.  
We have new resistance in the range of 8432-8490.    
Overall view remains bullish. If Nifty breaks above 8500, it can move to 8700. New support are is formed near 8345-8270 range. A pullback upto this level is possible 
Short Term (Few days to  a Week) : Buy Nifty on dip near 8345 for target of 8500. 
Medium Term (Few weeks to a month): If Nifty breaks 8500 convincingly, it would rise to 8700. Buy on dips near 8350 for target of 8500 and 8700 
Long Term (Few months to Year): As the markets have started moving up, accumulate value stocks for long term investments. 
Bank Nifty: BANKNIFTY broke out of 18600. It looks as if it will move further to 19000 levels. Buy in pvt sector bank stocks suggested. 
CNX IT is still bullish. A buy on dip in IT charts is suggested. Last week's target of 12000 for CNX IT is still on. 
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For coming Week Bonvista Financial Planners Recommends: 
Last week targert achieved in LUPIN, stop-loss triggered in BANKBARODA & ENGERSIN. Total Loss of Rs. 7975/-.  
BIOCON (Buy): Buy BIOCON near 451 for a target of 465. Maintain stop loss at 441     
HEROMOTOCORP (Buy): Buy HEROMOTOCORP near 2697 for a target of 2770. Maintain stop loss at 2639 
HINDALCO (Sell): Sell HINDALCO near 129 for target of 125 . Maintain stop loss at 133.5 
Above prices are spot prices and profit/loss calculated with 1 Futures lot   
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