As mentioned in the previous article 15085 remains to be a crucial resistance for Nifty for May Series. It made a low of 14462 and bounced back and settled at 14860 up by 90 points.
Even for Bank Nifty 34500 remains a crucial resistance and it made a low of 31625 settled at 33005 up by marginal 51 points.
|Top gainers||% Change||Top Losers||% Change|
|Nifty Metal||10.1%||Nifty Pvt Bank||0.1%|
|Nifty PSU Bank||3.0%|
|Nifty Fin Services||1.6%|
Insights were shared on a 3 stocks – BPCL, Adanient & Concor. From which
- BPCL has achieved its first target and it is still strong for the remaining targets.
- Adani Enterprise is failed to break its support and made new Highs.
- Concor is yet to close above 610-615.
For the coming week starting with the index – Nifty is forming Reverse head & Shoulder Pattern where the neckline is seen at 15085 level (Our crucial resistance for this series). Once the Index closes above this, then as per the rule Nifty may see a rise of 1030 points – that is the targets of 15176 / 15394 / 16023. But again the current situation rising cases and imposition of lockdown in many states will hamper the performance of the market so better stay cautions and keep booking profits at higher level.
For Bank Nifty:
In coming week I expect Bank Nifty to show some good move on either side. Bank Nifty On upside Bank Nifty has a resistance at 33533 / 33987 / 34500 & 34630. Of which 34500 & 34630 will act as a strong resistance. And on down side if the sectoral index breaks 32800 it may test 32650 and more panic below that.