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.