NIFTY View For Week 11-15 May
Testing time for bulls. The falling spree has stopped on Friday. Markets rallied and most importantly, they sustained the gains at the end of the day. Do we say markets have bottomed out?
Technical Overview: Last week Nifty made high of 8355 and low of 8997. A range of almost 360 points. As expected, markets tried to cross previous week high, but could not sustain the gains.
A morning star (Bullish Island)
pattern is formed on Nifty. This is pattern suggest upward bias for
Nifty. However there is an immediate resistance in the area 8200-8355. Nifty need to cross and sustain above 8355 for it to make substantial positive move. First 1-2 trading sessions of coming week, we expect Nifty to trade upwards
Support is in the area of 8080-8000
Short Term (Few days to a Week) : Short term traders may buy Nifty on dip for target of 8300.
Medium Term (Few weeks to a month): Wait and watch for Nifty to sustain above 8355 to initiate fresh buy.
Long Term (Few months to Year): The bull market is still intact. Long term investors should focus on accumulating value stocks.
Bank Nifty: An attempt to bounce in Bank Nifty may not sustain long. It has resistance near 18160.
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Last week ASIANPAINT and BATAINDIA closed for Profit, stoploss triggered in CESC Total loss of Rs. 825/-.
Above prices are spot prices and profit/loss calculated with 1 Futures lot
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