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.
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