Weekly market update!

Last week we clearly mentioned, "Nifty looks weak & sell on the rise should be the strategy." Nifty perfectly continued  downtrend around the gap low & taken support around 7590 as mentioned. On stock specific our targets were achieved for Ashokley & Bankindia. We booked profit in Indusindbk around 855 & in Axisbank around 465.

Now nifty still looks bearish but it is trading around very crucial levels. It made a weekly low very near to yearly low. In fact nifty has not gone below 7540 in last 15 months. So there is all possibility that nifty may rebound. Some kind of divergence is also developing on momentum indicators. So if nifty open lower a counter trend trade is possible keeping stop below 7540. However one has to keep in mind that nifty is in downtrend unless it closes above 7850. So all possibly 7500 to 7850 looks to be nifty range this week.

On stock specific, We recommend to sell LICHSGFIN around 463 for a target of 445 with a stop of 475. We recommend to sell DHFL around 212 for target of 204 with stop of 216. We recommend going long in HDFC for a target of 1220 with a stop of 1149.

Weekly market update!

Last week we posted that nifty has a strong resistance around 7980 & strong support around 7780. although nifty didn't break the resistance as per our expectations & moved down. But look at the high & low of the index. High is below 7980 & low is very near to 7780 the levels mentioned. On stock specific DIVISLAB & Bharatforg achived our targets. We exited LICHSGFIN & BHEL.

Now nifty chart is looking weak. There will be some upwards movement after last weeks decline, right now it looks to be on short covering. So sell on the rise should be the strategy unless nifty moves above 7920. On Friday, nifty opened gap down & the gap did not get filled. So gap will act as a resistance. Above that 7920 is a strong resistance. On downside 7700 i a strong support below that nifty can go down to 7590.
On stocks specific we recommend going short in Ashokley around 92 for target of 88 with stop of 93.5. We recommend going short in Bankindia around 125 for a target of 120 with a stop of 127. We recommend going long in Axis bank at current levels for a target of 473 with a stop of 456. We recommend going long in Indusindbk at current levels for a target of 965 with a stop of 933.




 

Weekly market update!

In the last post, we mentioned that nifty may trade in a limited range with positive bias. Nifty traded exactly the same way we expected. On stock specific, our recommendation in Asianpaints achieved our target. 

Now nifty still seems to be moving upwards. Downside looks to be limited to 7780. There is a strong resistance around 7980 but it'll most likely be broken this week & nifty can go to 8125 or even 8200 levels.
On stock specific, we recommend going long in BHEL for target of 184 with SL 172. We recommend going long in DIVISLAB for target of 1165 with SL 1131. We recommend going long in LICHSGFIN for target of 505 with SL 473. We recommend going short in Bharatforg for target of 832 with SL 863.

Weekly market update!

Last week nifty opened lower @ 7733 made a low of 7714 but recovered well to give a positive weekly close of 7847.

On stock specific, our recommendation to buy HDFC Bank achieved our target. We booked profit in BHEL  174.5. We exited Hindalco @ 79.25.

 On weekly charts nifty has formed a bullish engulfing candlestick pattern. Also nifty seems to have made a higher low on weekly charts. So considering these factors nifty may remain positive for next few weeks. But next week being expiry week, it looks like the index may trade in a range with positive bias. On lower side support seems to be around 7790. On upside, 7920 seems to be immediate resistance. Beyond which nifty may go to 7980.

On stock specific, Asian Paints may be bought for target of 852 with a stop of 815. We recommend going long in Tatasteel for a target of 243 with a stop of 224. We recommend going short on Axis Bank for a target of 446 with a stop of 467.

Weekly market update!

Last week, nifty opened gap down at 7788 moved up to 7937 but again came down & closed @ 7762 with a weekly low @ 7730. Although it was a low volume week on charts, volume were not that low considering there were only 3 full trading sessions due to Diwali. Also it was third weekly bearish close for nifty.

Nifty still looks bearish for the week ahead. Immediate support seems to be around 7630. But it is possible that the index can go further down to make a new yearly low. So sell on rise should be the strategy with 7840 a a stop.

On stock specific, BHEL is recommended for selling for target of 170 with stop of 182. Hindalco is recommended for selling for target of 73.4 with stop of 79.25. HDFC Bank is recommended for buying for target of 1078 with stop of 1039.

Weekly market update!

Last week, we mentioned nifty to move upwards from previous week. As expected nifty gave a positive weekly close of 8295. Although it did not go to 8390 levels as mentioned, it made a high of 8328. On stock specific, our recommendation to go long in LT, Axisbank, & Bajajfinserv achieved all the targets. We closed the recommendations in Colpal & ONGC.

Now nifty still looks positive but up move really looks to be limited. Reducing volumes clearly indicate a cautious approach of the traders. Also this is an expiry week & that also must be playing on minds of traders. So we can expect nifty to remain volatile but in a range this week. On the upside 8380 looks to be a strong resistance. A strong move above 8380 with high volumes can only take the index further up. On downside 8270 looks to be immediate support with major support around 8200. So traders are advised to trade cautiously.
On stock specific, we recommend to buy Lupin above 2098 for target of 2150, buy Ultracemco above 2930 for target of 2990 buy Wockpharma above 1580 for target of 1615. We recommend to sell Techm below 535 for target of 515 & sell Tatacomm below 415 for target of 395.

Weekly Market Update!

In the last post, we mentioned that nifty seemed to be in "buy above or sell below zone". The index moved perfectly as per expectation in a range & did not break out. On stock specific our recommendation to sell Infy & IOB achieved all the targets. Our recommendation to go long in LT is on the verge of achieving 2nd target of 1610. We closed our calls in Abirlanuvo & Amarajabat.

Now nifty looks to resume its up move further towards 8390. Downside seems to be limited  to 8100. A down trending line is passing around 8400 for next week. If nifty manages to close above 8400 with strong volumes it could go further towards 8550. 

On stock specific we recommend going long in Axisbank for target of 526,  ONGC for target of 276 & Bajajfinerv for 1870. We recommend going short in Colpal for target  of 860.

Weekly market update

In the last update, we advised to go long in nifty for targets of 8100 & 8225. The index moved perfectly as per our research & achieved both the targets. On stock specific, we recommended going long in Adaniports & LT & going short in Infy. We booked profit  in Adaniports @ 320. LT made high of 1564 achieving our 1st target & Infy made a low of 1126 nearly achieving our 1st target.

On Friday, nifty closed @ 8189 with a Doji candle indicating confusion among traders. This means nifty is in buy above or sell below zone. High of  the Doji is 8232 & low is 8139. These are now resistance & support.  So long positions should be initiated above resistance & short positions below support if nifty sustains above or below these levels. Targets of the trade seems to be 8370 on upside or 8050 on downside.
On stock specific we advise going long in Abirlanuvo for target of 2260, going short in Amarajabat for target of 940 & going short in IOB for target of 36.2.

Weekly market update

Last week, nifty has found support around 7700 again. On weekly chart, nifty has formed two long tailed candles indicating buying pressure.

On daily chart, nifty seems to be forming higher tops higher bottoms. Also, an inverted head & shoulders pattern also seems to forming. The break out of the pattern seems to be around 8025 levels. So above this level nifty can speed up the movement. There is a gap of almost 135 points in the range of 8225 & 8100. This gap can act as a resistance.
So all & all, it is advised to go long in the index up to 7900 for targets 8100 & 8225.

On stock specific, Adaniports looks good to go long for targets of 330 & 350, LT for targets of 1555 & 1610. One can go short in Infy for targets of 1120 & 1090.