BANK NIFTY closed weekly in negative territory. It consolidated in a narrow range during the week. It made a high 28,386 levels so far in the rally. 26,926 levels is strong support for bank nifty for short term, till it holds one can expect higher levels targets in the range of 28,800-29,800 levels in short term. 26,000 levels is crucial support for bank nifty from medium-term perspectives until it holds one can higher levels targets till 32,800-33,000 levels on Bank Nifty as per monthly chart attached here.
11,400/11,500 & 11,600/11,700 levels is strong support & resistance levels respectively based on option open interest data for expiry perspectives next week. Any kind of such short-term correction or consolidation is buying opportunity for medium to long-term Investment perspectives till medium term reverses.
Momentum indicators Daily KST & DAILY MACD both went in to sell indicating volatility in short-term ahead of expiry next week. One should be stock specific & follow the trend with trail stop loss levels till it reverses. Close below short-term reversal levels will lead to sharp correction till 10,500-10,400 levels on Nifty & 34,900-34,300 levels on Sensex
in short term.
CLOSE – Rs 655.50
TARGET – Rs 700-740
closed the weekly in negative territory. Its consolidated in a narrow range during the week. Its daily momentum indicators are in BUY. It is trading above 20DMA. One can BUY with a stop loss of Rs-626 for the target of Rs 700-740 levels in short-term.
CLOSE – Rs 190.20
TARGET – Rs 198-205
closed the weekly in positive territory. It looks like the end of short-term correction. It managed to hold 20 DMA. Risk Reward is favourable to BUY at current levels. Its daily momentum indicators are in BUY. One can BUY with a stop loss of Rs-185 for the target of Rs-198-205 levels in short-term.
L&T - BUY
CLOSE – Rs 1342.60
TARGET – Rs 1380-1400
L&T closed the weekly in positive territory. It looks like the end of short-term correction. Its daily momentum indicators are in BUY. It closed above 20DMA. One can BUY with a stop loss of Rs-1280 for the target of Rs-1380-1400 levels in short-term.
CLOSE – Rs 906
TARGET – Rs 940-980
closed the weekly in positive territory. Its daily momentum indicators are in BUY. Its trading above 20DMA. One can BUY with a stop loss of Rs-850 for the target of Rs 940-980 levels in short-term.
Devang Shah: The author of www.trendtechno.com (Trade with Trend) and an independent market analyst.
Disclaimer: The analyst may / may not have a position in the scrips mentioned above;