Nifty made a gap-up opening in the week gone by, however, the inability to provide a close above 15900 pulled the index back to 15633 levels. Despite Thursday’s sharp fall, on Friday, Nifty managed to settle above the prior week’s low. The appearance of a Doji candle on Friday indicates indecisiveness. Hence, further consolidation in Nifty is possible between the 15600-15900 zone.
Bank Nifty fell 2.7 per cent from its Thursday’s high. However, it ended in positive territory (up 0.7 per cent) on the weekly close. Immediate band for Bank Nifty is seen between 34500-35500 levels.
Smallcap100 continued its upward trajectory to uncharted territory as stock-specific rally within this space could continue.
Recommendations:
Buy
Genus Power Infrastructure at Rs. 74.50-74
- Stop loss: Rs. 71
- Target: Rs. 81
After breaking through the previous week’s high, bulls have regained momentum. Sustenance could unlock further upside potential.
Buy
(Texrail) at Rs. 39.90
- Stop loss: Rs. 38.50
- Target: Rs. 45
A sustained move above the important averages has kept near term outlook positive. The stock has more room on the upside.
(Amit Trivedi, CMT, Technical Analyst – Institutional Equities at Yes Securities)
