In previous week Nifty failed to sustain above 15930 levels and dragged the index to a low of 15569 and settled at 15741 down by 0.92%.
35500 – 36000 proved to be a major resistance for Bank Nifty and the index has failed to sustain above these levels and touched the levels of 34760 and closed at 34951 down by 1.51%.
Lets look the the previous weeks top 3 index gainers and loosers.
| Top Weekly Gainers | ||
| Name | LTP | %change |
| Divis Lab | 4519.65 | 6.4% |
| Dr. reddy | 5575.70 | 5.0% |
| Cipla | 979 | 2.3% |
| Top Weekly Losers | ||
| Name | LTP | %change |
| Shree Cem | 27015 | 6.0% |
| Bajaj Finserv | 11750 | 5.9% |
| HDFC Life | 687.50 | 5.3% |
In previous Week we had mentioned about 2 stocks BBTC and Info-edge –
BBTC is to be held for a few months with the mentioned levels and Info-edge was shared at a price of 4954 for the targets of 5037 / 5132 / 5228 / 5360 of which the stock has achieved all the targets and made a high of 5390 and closed at 5365 up by 8.29% in a week. Going ahead in next week – Nifty has formed a kind of Double Top at 15909 & 15930 levels. I am expecting a big move on either side of 200-300 points. For Next week 15686 remains as a support for index and if it breaches that it may test 15500/15200 levels while longs should be in favour only above 15826 for the targets of 15930 and 16226 & 16470 and untill that it will hold the choppy trend.
For Bank Nifty:
Even for Bank Nifty there are multiple major resistance near 35500-35600 levels – Now Unless the index gives a decisive close above 36000 it may not test the new highs. While on down side it is near the support line and a close below 35760 may lead to a break down and it may test 34000 and below levels.
Stock Specific – since Markets are trading below our important levels – and there is not a clear indication and I would wait for a correct opportunity and watch for Stocks like
LICHSG:
Long Above 480 and
Short Below 460
SBIN:
Long Above 432 Short Below 417
