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Home » Index smartly recovered from week low, Now eyes on 10330 level. Nifty & Bank Nifty weekly update along with Top picks.
Equity Weekly Update Morning Nifty Update

Index smartly recovered from week low, Now eyes on 10330 level. Nifty & Bank Nifty weekly update along with Top picks.

Nifty and Bank Nifty Weekly Levels

 

Benchmark Index Nifty smartly recovered from a week low of 9726. Now all eyes on 10330, if the price is unable to close and hold above 10330 then go for profit booking from higher levels.

Last week Nifty 50 smartly recoiled from the bottom and formed the bullish candles on a daily scale. On Friday, Nifty 50 reclaimed 100 EMA on the daily chart and now is moving forward to 200 DMA which lays down at 10526. Throughout the week market breadth has remained positive and Media performed well followed by Energy, Real estate, and financials. Despite No improvement in coronavirus cases in India, Indian indices took followup from positive global cues.

Now a day’s Indian indices have been following a global trend. Following Nasdaq and Dow Jones nifty rallied to 10270 despite a tremendous increase of coronavirus case countrywide. Now the Indo China tension will decide the next move on Dalal street.

 



Technical View on Nifty

 

Sharp rebounding from the bottom, The Inside bar on a weekly scale, and strong bullish move on the daily scale indicate the price is likely to consolidate for upcoming sessions. Inside bar is a consolidating pattern that indicates we need to hold patience to be decisive for the next move. Technically 10330-10380 is an immediate hurdle. Any closing above the afore-mentioned levels will fuel the index price for 10550-10650.

On the flip side, Any closed below 10000 will give a bear bias, and below 9940 levels it will get accentuated for the next target of 9850-9700.

 

F&O Analysis

According to Open Interest Data, Maximum Call open interest stand at 10500 followed by 11000, and Put at 10000 followed by 9900 suggests a broad trading range for the index. PCR stands at 9900 validate it as an immediate support level.

Nifty future strategy for the week
Technical Chart of Nifty
Technical Chart of Nifty



Support 10100, Resistance 10330

Either side of the breakout will give 150-250 points in the respective direction.

If index price unable to breach 10330 on a closing basis, then we may expect a profit booking from higher levels.

Nifty future strategy for the day

Support 10220, Resistance 10270

Buy above 10270, for the target of 10330-10350, else may test 10220 on the downside.

Sell below 10220, for the target of 10170-10130, else may test 10270 on the upside.

 

Bank Nifty 

 

On the other hand, benchmarked index financial index Bank Nifty recovered from the week low of 19507 and closed with a 3.31% gain. Last week we suggested weekly support of 19300 and resistance at 21800. Index price gave respect to the abovementioned levels.

Technically, immediate resistance laid down at 21300. Trading above 21300 will lead it for 21800-22000. Closing above 22000 with follow up will fuel it for new targets of 23000-24500.

Bank Nifty future strategy for the week
Technical Chart of Nifty
Technical Chart of Nifty

 

Support 19500, Resistance 21800

Either side of the breakout will give 1500-2000 points in the respective direction.

 

Bank Nifty future strategy for the day

Support at 21000 and Resistance at 21500

Buy above 21500 for the target of 21800-22000, else may test 21000 on the downside.

Sell below 21000 for the target of 20700-20500.

 

 

Open Interest Data
Open Interest Data

 

Sector Update – Nifty Realty is building new roofs

 

Technical Chart of Nifty Realty
Technical Chart of Nifty Realty

 

As expected Nifty Realty has shown strength throughout the week. For the upcoming week, Nifty Realty looks too good on the charts. As the government is in a mood for unlock-2, it will boost the recovery in the Realty sector. Most of the pending projects already started in unlock-1 and take this sector on the track.

On the technical side, Nifty Realty formed a bullish candle on the daily chart and given weekly close above its resistance level. We will expect it to touch fresh highs in upcoming sessions. Momentum indicator RSI also supports our positive view in this sector. Now we will expect it to touch 230 and then to 240 levels in days to come. Support around 190, break and close below 190 will negate our positive view in this sector.

Stocks to perform this week are:

Brigade – Stock formed a bullish pattern on the daily chart. Hurdle around 145, break and sustain above 145 will take it to 160 and then to 170 levels in days to come. Support and stop loss below 130 on a closing basis.

Phoenix Ltd – Stock is trying to take reversal from correction level. Traders can enter around 595 for the upside rally till 630 and then to 660 levels in days to come. Support and stop loss below 560 on a closing basis.

 

Top Stocks Recommendations

 

CENTURY PLY (Cash)

Century Ply

Technical Chart of Century Ply
Technical Chart of Century Ply
 

Catch it around 117 for the upside target of 130 and then to 135 in days to come.

Support and stop loss below 108 on a closing basis.

 

L&TFH (Future)

L&TFH

Technical Chart of L&TFH
Technical Chart of L&TFH
 

Catch L&TFH above 68.50 levels as the stock looks positive on the chart.

Traders can buy above 68.50 with a stop loss below 64 on a closing basis for an upside target of 78—80 levels in days to come.

 

PEL (Future)

PEL

Technical Chart of PEL
Technical Chart of PEL
 

The stock looks attractive above 1202 and gives a sharp upside breakout on the chart.

Traders can buy PEL above 1202 with a stop loss below 1130 on a closing basis for an upside rally of 1300 +++ levels in the coming days.

 

Traders can trade safely with levels only. More will update throughout the week during market hours on our WhatsApp broadcast and on our Telegram Channel. 

 

Index

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