Friday, last day of the week as well as the month, Nifty opened with a gap down and could not sustain at higher level and made a low of 14660 between our support level of 14680 and 14600 and settled near the day’s low at 14660 down by 0.21%.
On weekly closing basis Nifty gave a positive close up by 2.4% and on Monthly basis down by marginal 0.04%.
Over all month’s performance:
As far as the entire month was concerned, market participants in April observed a significant volatile trading sessions where the Nifty made a new low of 14155 and bounced back till 15035 levels. Let’s have a look how the major sectors performed this week.
| Top gainers | % Change | Top Losers | % Change |
| Nifty Metal | 22.30% | Nifty PSU Bank | 3.50% |
| Nifty Pharma | 10.30% | Nifty Fin Services | 3.00% |
| Nifty Pvt Bank | 2.90% | ||
| Nifty FMCG | 2.80% | ||
| Nifty Auto | 2.30% | ||
| Nifty IT | 1.70% |
In the coming week multiple and major events will affect the performance of the week which we mentioned in our previous article.
Also the GST revenue collections for April hits a new record high of Rs 1,41,384 cr.
I would like to share the chart of index as well as a few stocks that have been trading in a range since a long time which can give good returns provided the index and the market supports the Stocks.
Currently Nifty is trading below my Monthly and Weekly levels and early next week we might see significant volatility on either side.
One important point to keep in mind is that COVID cases are still on rise with limited infrastructure and shortage of Medical facilities, states extending their lockdowns. If the cases rise further will we be capable to tackle the situation is the main question. If the answer is no then there is a saying in market – SELL IN MAY AND GO AWAY.
Nifty’s nearby Supports and Resistance.
Support: 14,600 / 14521 / 14400
Resistance: 14786 / 14966 / 15085
Bank Nifty’s nearby Supports and Resistance.
Support: 32400 / 31,951
Resistance: 33400 / 34500
BPCL:
BPCL on Friday observed a rally I first half till 437 but failed to sustain due to the overall pressure in the market. In the coming month if the stock manages to sustain above 435 it may be ready for a rally for the targets of 443 / 456 / 478. I would suggest to accumulate the stock at between (410-420) with a SL of 397.
Adani Enterprise:
After a Strong rally from 170 to Rs 1251 this stock is now extremely Over-bought in Monthly time frame. The RSI indicator has reached to 93 level– At least one dip is required before any further rally. One can look for selling opportunity till 1230 with a SL of 1270.it can test 1051 & 992 on down side.
Concor:
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