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.
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.
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