The week ending on Friday 23rd July observed a volatile market where Nifty once again failed to sustain above 15930 levels and breached the support levels of 15640 and made a low at 15578 and bounced back and ended at 15856 down by weekly basis by 0.4%.
Bank Nifty also failed to sustain the psychological level of 36000 and dragged the index down to 34357 levels and regained its strength and ended its week above 35000 levels at 35034 down by 2% on weekly basis. Lets look the the previous weeks top 3 index gainers and loosers.
|Top Weekly Gainers||Top Weekly Losers|
|Bajaj Finserv||13201||3.60%||HDFC Bank||1442.75||5.20%|
|Asian Paints||3083.75||3.20%||Tata Motors||295.55||5.00%|
Coming week, Nifty has formed a Doji Candle on daily basis indicating a neutral stance on Index. Few points to keep in mind for next week would be
- major heavy weights like Reliance, ITC and ICICI Bank are about to announce their quarterly results in this weekend which may also have an impact on the index’s performance in coming week
- Monthly + weekly expiry on 29th July
- Options data suggest the maximum Put OI is at 15,000 followed by 15,800 strikes, while maximum Call OI is seen at 16,000 followed by 15,900 strikes. Options data suggests an immediate trading range of 15-700-16,000.
For Coming week Nifty’s weekly levels would be 15762 while on upside 15930 still remains a strong resistance.
Bank Nifty: Bank Nifty has taken a support at 34400 levels and bounced back and managed to close above 35000 levels. For next week bank Nifty should sustain above 34876 levels and 3550 / 36000 remains a important resistance for the index.
It has observed a good volume on Friday and formed a bullish candle making a new 52 week high at 268.45 and ended at near 52 week high at 265.90. Its immediate targets should be 275 / 285 / 295.
Even on weekly as well as monthly charts the stock has entered in a buy zone for a holding period of 5-6 months with a target of 315 / 340 / 370.
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