Nifty Analysis for 6 April

Hope you would have traded Nifty on short side to have nice gains yesterday, as suggested here.

Today expect lacklustre trading with a early bounce in Nifty. It would be difficult to trade this bounce.

However one can trade Short as suggested below.

Intraday levels are: Sell near 7635-7650 level

Next sell level is at : 7673

Support is at – 7582 and 7555

Swing Trades (3-4 days) for 6 Apr-

Long:

AJANTPHARM: Target- 1450, stoploss- 1390

DIVISLAB: Target – 1025, stoploss- 999

HEXAWARE: Target – 258, stoploss- 243

Short:

AMBUJACEM: Target-222.5 , stoploss- 229

LICHSGFIN : Target- 458, stoploss- 477

* Levels are Cash levels (Not futures)

Nifty Analysis for 4 April by Unmesh Deshmukh

All eyes on RBI policy to be presented tomorrow. Do not expect much to happen today. Important levels for Nifty today: Support- 7690 and 7665 and 7650 Resistance- 7751 and 7776 Go long if breaks beyond 7776 Banknifty is looking good. Go long for target of 16400. It has resistance at 16430

Swing Trades (3-4 days) for 31 March- Long: MINDTREE: Target- 684, stoploss- 650 LT: Target – 1255, stoploss- 1210 ANDHRABANK: Target- 57.5, stoploss-53 Short: M&M: Target- 1175, stoploss- 1210 BHARTIARTL: Target- 326, stoploss-347 * Levels are Cash levels (Not futures)

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Next destination 7900? – Nifty View for week 4-8 Apr

In this newsletter, I will try to explain bigger picture of Nifty and some major stocks, as, this is first analysis after end of Jan-March quarter. 

Last week Nifty saw a sea-saw move to finally end up near high. I had indicated at choppy trading for last week. We have seen Nifty rising one day and falling the other.  Last week global markets traded in green and are now trading at higher end of the curve. RBI policy on Tuesday can play catalyst role in deciding further direction.  

What to trade this week? 

Technical Overview: Last week Nifty made a high of 7777 and low of 7582 to close at 7713. Choppy trade last week has formed hanging man on weekly chart. This suggest exhaustion of buyers. Nifty and Banknifty both are trading at higher end of the curve. Do not forget that for medium term we are in uptrend. For this trend to confirm on a larger scale Nifty need to convincingly cross hurdle of 7972. For the time being let's assume that this is a buy on dips market. 

For short term, current range need to break above 7750, which is current resistance. This can give us target of 7860.  

Support is at 7690 and 7652.  

My View: Nifty is currently trading in a range. Medium term, uptrend suggesting us that one should buy nifty on every dip. Bit of bad commentary, rate cut lesser than 50 bps in RBI policy on Tuesday can easily evoke Nifty for a correction. 7600 remains a crucial level. If Nifty closes below this level- we have some reasons to worry.  

We are entering into a new quarter. Last quarter high for Nifty 7972. Nifty need to take out this level. Most major charts have formed hammer-ish pattern on quarterly chart and bullish engulf on monthly chart. However most of them could not close beyond their quarterly highs. That’s some reason to worry.   

My picks for coming quarter would be Hero Motocorp, Reliance, Tatasteel, TCS, Sunpharma, ITC, INFY. Stocks under pressure can be Cipla, HDFC, Dr Reddy, Bhel, Gail. 

Check the influence areas (supports and resistance on chart below) 

Note: Do not consider these as buy or sell recommendations.  

Some of our current gainers in Prime Cash portfolio are - 

DALMIA SUGAR- Up 60%, GEOMETRIC – Booked at gain of 28%, SBI- Up 21%, ADANIPORT – Up 13% 

To know more or to subscribe to this simple and very effective portfolio advisory click here.  or Call me at 09371444875 

Recommendations for the week 4-8 Apr

MINDTREE (Buy): Buy MINDTREE for target of 684. Stoploss at 650  

M&M (Sell): Sell M&M for target of 1175. Stoploss at 1210 

LT (Buy): Buy LT for a target of 1255. Stoploss at 1210 

Investors are advised to read disclaimer before buying any stock. 

Some of our current gainers in Prime Cash portfolio are - 

DALMIA SUGAR- Up 60%, GEOMETRIC – Booked at 28%, SBI- Up 21%, ADANIPORT – Up 13% 

Last 4 days to subscribe at a discount of 40% as the prices are increasing from 1 Apr. 

To know more or to subscribe to this simple and very effective portfolio advisory click here.  or Call me at 09371444875