Finally in last week Nifty has closed above our crucial resistance of 15085 which we have been waiting for since many days and managed to close above that.
Let’s have a look at the previous week’s performance –
Both the major indexes have given good returns in this entire week – Nifty and Bank nifty ended at 15175 & 34607 both up by 3.4% and 7.6% respectively.
I would like to highlight the top 3 weekly gainers and losers of the week –
| Top Weekly Gainers | ||
| Name | LTP | %change |
| Indusind Bank | 1016 | 14% |
| SBIN | 401 | 11.3% |
| M&M | 819 | 10.4% |
| Top Weekly Losers | ||
| Name | LTP | %change |
| Bharti Airtel | 531 | 5.3% |
| Britannia | 3435.75 | 1.9% |
| Tata Steel | 1113.10 | 1.7% |
Going further in next week ahead of the monthly expiry. Since Nifty and Bank Nifty has closed above our important resistance, let’s further have a look at their probable targets and their supports.
Nifty:
Now that nifty has given a breakout from inverse Head & shoulder – its probable rally should be of 1000 points in near term.
Nifty resistance – 15,365 / 15,443 / 15,926 & 16,488
Nifty Support – 15,023 / 14,920 & 14,803
Bank Nifty:
Bank Nifty also closed above our important level of 34,500 – a good break out and the probable targets and supports are as follows:
Resistance: 35,217 / 36,500 & 37,243 & 37,770.
Support: 34,500 / 34,050 / 33,650 & 33,300
Many Pvt banks have given a good breakout and it seem that they can continue the rally in near term. HDFC Bank is one of the following which I like. Following are the probable targets and supports for the stock.
HDFC Bank:
If the stock manages to close above 1503 its probable targets should be 1571 & 1604 & 1641.
Its supports should be near 1466 & 1434.
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