Bank nifty important levels of current week
As we already inform that nifty and bank nifty still not trending in same direction, this can indicate something going wrong in our market.
Bank nifty also took support on its long term trend line just 2 week back and took some sharp bounce. But upper level it not able to sustain with its resistance level and again started to fall. As present it has created negative convergence signal on chart, which show the weakness in its present trend, we one should take selling position once it confirm the down trend below the long term support trend line.
Over all bank nifty chart suggesting 11600-11800 major resistance level and down side 11250-11000 major support level, trading near this levels can produce some decent results, for positional trade one can avoid 11000-11800 range, but beyond this range we may see some good positional movements in either direction.
Our delivery pick – buy THINKSOFT above 76 close with stop loss level at 60 target 100-135
Anyone thinking to invest for long term can surly buy some limited qty in this one, we can expect 250-400 kind of multiple re-tunes also.
Stocks to watch in next week
ULTRATECH CEMENT – if able to close above 1950 then we can see 2025-2100 level also.
RELIANCE – if able to close above 891 then we can see up move in this till 950-1020
RPOWER – If able to close above 72 level then we can see 85-110 levels.
IPCA LAB – closing above 704 level can give some movement in this till 740-785 levels.
ELDER PHAMRA – closing above 370 level can give us a movement till 405-440 also.
OUR LAST WEEK STUDY RESULT OR PERFORMANCE.
Inform about godrejind target 325 and it made exactly to the target.
Tata motor we inform that with 260 supports can bounce till 290-310 range it made 298.5 level.
Other calls Ranbaxy, ACC and bajaj auto not able to trigger with our level, so same stocks with same level can be watch out for coming days.