Market weekly outlook

Last week Indian markets performed well as both Nifty and Bank Nifty closed in green and were up 2.49% and 1.67% up respectively. 

Weekly outlook

Nifty

Nifty closed above 18000 mark last week and continued the winning streak. Now, Nifty has a support at 18000 and resistance at 18350. If Nifty convincingly breaks 18350 then it can test the all time high levels of 18600. But trading below 18000 indicates that it may fall till 17800. 

For intraday once Nifty sustains above 18280, Nifty can go till 18350. It has a support at 18100-18200. 

Bank Nifty

Bank Nifty has breached lower high, lower low formation on weekly chart and has closed above previous swing high, a close above previous swing high indicates trend reversal. Bank Nifty has a resistance at 38500 and support at 38000. Once Bank Nifty starts trading above 38500 it can go till 39000 and trading convincingly above 39000 can lead to a rally till 40000. Trading below 38000 can lead to a fall till 37500-37000. 

Stocks to watch

1. Bel (LTP 220.10)

Bel ended 5.03% higher on friday, a close above previous resistance (219) with heavy volumes indicates up move to continue. With next resistance at 228 and support at 212 Bel looks good. 

2. Praj Industries (LTP 401.85)

The stock has started to trade near it's all time high (407). Once it breaks all time high we may see a sharp up move as stock ended 4.96% up with heavy volumes last friday. It has a support at 360. 

Open your demat/trading with us by clicking here to join private group. 

Disclaimer

All the information is from source deemed to be reliable but there is no guarantee to the accuracy. Information is for EDUCATIONAL PURPOSES ONLY and is not intended to give specific trading or investment advice. past performance is no guarantee of future performance. Investment/ trading carries significant risk of loss and you should consult your financial professional before trading or investing. Opinions are given based on widely-accepted methods of technical analysis other methods of analysis. No specific recommendation is given to buy, hold or sell of these markets/securities or exchange traded funds related to these markets.

You agree that Aman Agrawal, Stocks by Aman, or anyone associated with them SHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL OR CONSEQUENTIAL DAMAGES.