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.