BankNifty was seen to be stronger in comparison to Nifty 50. The bearish trend, however, with the maximum volatility was witnessed in the Realty Sector. We expect the market to continue absorbing the after-effects of the budget announcement with a major trend expectation for IT in the coming week. We also expect Banking Sector to continue being in the correction phase for a few more days.
Last close: Rs 1705
The stock closed below lower band of Bollinger Bands, indicating further weakness in the coming days. The level below Rs 1705 would result in more weakness on the charts. Te next support is at Rs 1675. Stock is trading below 200-day Moving
average which is showing weakness on medium term charts. Considering the technical evidence, we recommend selling the
stock at Rs 1705 for the target of Rs 1680, keeping a stop loss at Rs 1725 on closing basis.
Last close: Rs 924
It has remained in the strong zone in the recent past. The scrip is trading above all important moving averages. Considering a reversal on the daily charts, market is making a sharp bounce back from 200 day moving average, therefore technical
set-up allows a favorable risk to reward ratio. We recommend buying the stock at Rs 924 for the target of Rs 960, keeping a stop loss at Rs 899 on closing basis.
Disclaimer: The analyst does not hold positions in any of the stocks mentioned above.