Technical view for NIFTY – beyond your perception
As we inform in last week that market is in dangerous mode now, also shown on chart that it’s a creation of positive convergence on chart, and as per chart, market taken uncertain bounce in last two sessions.
As we can see in chart that it has recently touched its long-term demanding trend line on chart, which is drawn from 2250 level in nifty and now it has taken support on this trend line at 5550 and given sharp bounce, and also it has confirm its convergence in last week, now it has exactly touched the resistance level at 5850 level, so if nifty able to give positive bar above this level then we can see 5930-6020-6130 also, also if nifty unable to give any positive bar above 5850 then we can expect a reversal also and downside we can see support at 5750-5680-5550.
Over all consideration for next week is, first two trading session of week can decide the next move, two positive day can lead for upside movements and two negative close can lead for downside moves.
Range to consider for next week is 5680-5900 beyond this range only we can see some wild and unexpected moves in market.
Stock to watch this week and coming days
Bajaj auto – closing above 1940 can give targets of 2035-2120, support at 1750 below this only we can see some more fall.
Godrejind – closing above 312 can give targets of 325-335, support at 295
ACC – closing above 1250 can give targets of 1300-1350
Weak stock
Ranbaxy – closing below 300 can give weakness till 270-250
Tata motor – closing below 260 can give movement till 235-220, it take support at 260 then we can see bounce also till 290-310
Overall market condition indicating that, if market able to sustain its gains for coming two trading session then we can see sector specific movements in AUTO, ENERGY, MEDIA, but if market started negative move from Monday the we can expect reversal in short term trend again. And all given sectors and stocks can also reverse from there resistance level.
Last week study output
In our last week post we already mention that nifty is having major support range at 5500-5600 range with resistance between 5750-5800 range, just see nifty reverse from 5560 level and almost touched and cross 5800 level this week.
We inform about bank nifty that 11000 is major support for the week and just see it made low of 11033 and reverse from there and made till 11655 level upside we mention resistance level at 11800 still it try to come near this.
For positive buying we inform KPIT, ZEE, SUNTV, MARUTI – kpit moved 2%, zee moved 2%, suntv moved 5%, only maruti not moved, given neutral close this week.
For selling side we inform KTK bank given 14% move, Jindal steel given 5% move
Also given hinted that banking sector is weak, just see UCO BANK, DENA BANK, ALAHABAD BANK, BANK INDIA all 20% down, OBC, INDIA BANK 12% DOWN, PNB 10% DOWN, IDBI, FEDRAL BANK, CENTRAL BANK, CORPORATION BANK 8% DOWN, CANBK, BOB 6% DOWN, AND BIG BABY SBI ALSO 5% DOWN.
We specifically inform full banking sector and just see all given big fall for the week.
For any query or for any advice on your portfolio then please call/sms/email for query on below details
Nitin Bhinge
Technical researcher
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nitinbhinge@stockmarket360.in
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