After two weeks of marginal decline, Nifty resumed its upward trajectory; marking record high at 15962, eventually Nifty ended week at 15920 – up 1.5% on a weekly basis. Nifty’s recent rally ensures shift of range on upside, levels of 15700 could turn out as immediate floor. Mild throwback might be there towards 15800-15750. However, such pullback should be considered as buying opportunity in stocks which are relatively holding ground.
BankNifty rose ~2% this week, however in Friday’s trade it formed identical open and high and erased some of Thursday’s gains. Sustainability above 35500 is required to keep near term positive.
Recommendations
Buy
near Rs 162-161
Stop loss: Rs156
Target: Rs 175
After losing 15% from the prior month’s high, the stock found renewed buying interest near its 20 day average. A little more progress from here could shove the rally into an even higher gear.
Buy near Rs 248
Stop loss: Rs 238
Target: Rs 270
Forming a series of ascending tops and bottoms and sustained move above important averages, the stock continues to trace out bullish patterns.
(By Amit Trivedi, CMT, Technical Analyst – Institutional Equities, YES Securuties. The views are his own)(By Amit Trivedi, CMT, Technical Analyst – Institutional Equities, YES Securuties. The views are his own)
