Previous week markets observed a good rally after closing above 15085. As we mentioned that Nifty will make new all time highs – it made a new high of 15500 giving a good rise of 400 points in a week closing at 15435 up by 1.72%. Bank Nifty also observed a good rise of 1.61% ending at 35321.
Lets look the the prvious weeks top 5 gaines and loosers.
| Top Weekly Gainers | ||
| Name | LTP | %change |
| Grasim | 1465 | 6.8% |
| IOC | 109.85 | 5.3% |
| SBIN | 422 | 5.2% |
| Top Weekly Losers | ||
| Name | LTP | %change |
| NTPC | 108.95 | 3.5% |
| Sunpharma | 669.75 | 3.0% |
| HUL | 2321.70 | 1.7% |
Nifty after touching our second target of 15443 it closed at 15463 after making a new life time high. Though the index still looks bullish, it is slightly overbought and also near the crucial resistance of 15500. I am expecting a small dip till 15250 on downside before the rally continues for the rest of our targets.
Bank Nifty also managed to touch our first target and now facing a resistance near the 35500 levels. Once it sustains above that it may touch 36,500 & 37,243 & 37,770.
As we expected a good run in pvt banks especially in HDFC Bank it has touched its support at 1466 and bounced back once it closes above 1505. It may be ready for the targets of 1571 & 1604 & 1641.
Another Stock that looks good is Tata Consumer. After taking a support near 640 levels the stock has turned positive and once it sustains above 662 it may open for targets of 675 / 685 / 714 levels.
