Last week was influenced by news from Greece. However the Week ended with no outcome on that front. Indian Markets traded in narrow range.
In coming week we are entering in new month and a new trading Quarter.
Technical Overview: Last week Nifty made high of 8423 and low of 8257. A range of almost 175 points. Nifty is trading near
its resistance of 8405-8490. Bulls are trying to hold this level. Bears
have tough time to bring prices down from here. We have no clear clue
going forward.
If Nifty breaks and close above 8490 we shall have further upside in markets. In that scenario Nifty may reach to its next resistance at 8645-8757.
If Nifty breaks and close below 8340, we have further downside till next support near 8136
Medium Term (Few weeks to a month): Wait patiently for Nifty to give clear signal.
Long Term (Few months to Year): The quarterly closing on Nifty chart after 2 days can give us more clearer clue for Nifty long term view.
Bank Nifty: BANKNIFTY is trading near its resistance of 18600-18832. Support is near 17800. Expect BANK NIFTY to trade choppy with negative bias.
CNX IT may trade sideways for the week to come. Resistance is near 11560 and support is near 11140
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Last week target achieved in APOLLOHOSP (+7,500/-) and TATACOMM (+7900), Entry not executed in HAVELLS, Total Profit of Rs. 15,400/-.
PTC (BUY): Buy PTC near 69.40 for a target of 72.9. Maintain stop loss at 66
OIL (SELL): Sell OIL near 464 for a target of 442. Maintain stop loss at 473
ARVIND (SELL): Sell ARVIND near 266 for target of 256 . Maintain stop loss at 272.5
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).
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