NIFTY View For Week 15-19 June
I
missed reaching you guys through this newsletter last week.
Nevertheless, I am back and we shall keep on learning more about Nifty
movements. You can reach us at www.bonvist.in or support@bonvista.in
Last week markets continued its downward journey, not influenced much by world markets. What next?
Technical Overview: Last week Nifty made high of 8163 and low of 7940. A range of almost 200 points, to form a big red bearish candle. This formation tells us that there can be further downside to Nifty.
Nifty has an immediate
weakish support in the range of 7975-7936. This is a leftover gap.
However the same is tested twice earlier, hence weakish. If Nifty
bounces from this level, we can have next resistance at 8090-8152.
Major support for Nifty comes at 7780-7857. Sooner or later, Nifty to touch this level.
Short Term (Few days to a Week) : Short term aggressive traders can buy Nifty at current level with a stop at 7940. Expect upside till 8090
Medium Term (Few weeks to a month): Sell on rise is the mantra. Nifty can be shorted if available near 8090.
Long Term (Few months to Year): As the markets have started moving up, accumulate value stocks for long term investments.
Bank Nifty: A small bounce in Bank NIfty may be used to short sell it. Overall view remains mildly bearish on Bank NIfty
CNX IT is is trading near its support. View remains mindly bearish to sideways.
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Last week target achieved in HINDALCO, stop-loss triggered in HEROMOTOCORP & BIOCON (target missed by just 5 paise). Total Loss of Rs. 3000/-.
BAJAJ_AUTO (Buy): Buy BAJAJ_AUTO near 2286 for a target of 2370. Maintain stop loss at 2205
GLENMARK (Buy): Buy GLENMARK near 880 for a target of 894. Maintain stop loss at 865
HDIL (Sell): Sell HDIL near 88.05 for target of 85 . Maintain stop loss at 90.7
Above prices are spot prices and profit/loss calculated with 1 Futures lot
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