NIFTY View For Week 22-26 June

Read this report on our website Bonvista Financial Planners  

The Weakish support I had mentioned held by Nifty last week. Bulls must have enjoyed the bounce. The global markets supported the Indian bulls with no major negative news from around.  

We are entering in expiry week. Markets are expected to trade choppy. 

Do we say that Nifty has bottomed out? or there is still a downward journey expected? 

Technical Overview: Last week Nifty made high of 8250 and low of 7944. A range of almost 310 points. With that Nifty has formed a Bullish Engulf Pattern on weekly chart. This formation gives us bullish bias. 

However markets cannot run one way. We have seen positive closing in Nifty for last 6 trading sessions. This makes us believe there can be some profit booking, which can pull down Nifty to new immediate support level in the range of 8137-8050 (short term view)                     

Immediate trend is up. Larger trend is still down. The earlier resistance as support areas are intact. Major resistance at 8405-8467. Support at 7857-7780 (Medium term view)  

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 traders can buy Nifty near support of 8137 for a target of 8225.  

Medium Term (Few weeks to a month): Buy Nifty near support of 8137 for target of 8400. 

Long Term (Few months to Year): The quarterly closing on Nifty chart after 7 days can give us more clearer clue for Nifty long term view. 

For more precise ideas on Nifty trading follow me on Twitter @Bonvista1

View on important Sectorial Indices: 

Bank Nifty: Expect Bank Nifty to move upto its resistance of 18225. 

CNX IT is trying to take support near current level, however conviction is lacking. Expect sluggish movement in CNXIT 

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For coming Week Bonvista Financial Planners Recommends: 

Last week target achieved in BAJAJ_AUTO (+10,500/-) and GLENMARK (+1000), stop-loss triggered in HDIL (-3500) (target missed by just 5 paise, considering as loss). Total Profit of Rs. 8000/-.  

TATACOMM (Sell): Sell TATACOMM near 429.4 for a target of 415. Maintain stop loss at 440     

APOLLOHOSP (Buy): Buy APOLLOHOSP near 1253 for a target of 1286. Maintain stop loss at 1225 

HAVELLS (BUY): Buy HAVELLS near 285.55 for target of 295 . Maintain stop loss at 279 

Above prices are spot prices and profit/loss calculated with 1 Futures lot. Entry price is considered as opening price of next trading day (Monday). 

For any clarifications on these recommendations , you may mail us on bonvistaplanners@gmail.com