Nifty​

NIFTY: 24353.55 In our previous update, we had flagged that there was a cluster of moving averages placed around 23500 – 23600 mark on the daily and intraday charts and had suggested that as a critical support zone, further highlighting that the index will decline only if it breaks below this zone. On the upside 24300 – 24415 was marked as the first resistance, followed by 24900 – 25150.

The index opened right in the support zone at 23589.60, registered a low of 23555.60 and bounced back from there to a high of 24401, before closing at 24353.50.

Going forward the moving averages are now placed a bit higher at a level of 23800 – 23850, meaning that becomes the crucial support. On the upside the gap resistance of 24900 – 25150 remains a formidable supply level. Whether the index will have strength to go beyond this zone, is something we are not clear at the moment. In this case it is likely that rallies close to 24900 – 25150 would be sold into and the index may find a ceiling around this area while a good floor may come in around 23850 – 23800.

Nifty Summary:

Upside resistance 24900 - 25150

Downside support 23800 - 23850

Bank Nifty​

BankNifty: 56565 The banknifty also opened lower much in line with the nifty as it started the week at 54646 and then registered a low of 54356. The Banknifty then moved up to a level of 56834 before closing at 56565.

The banknifty on the upside has a gap resistance at 57700 and then a supply pivot around 58400 zone. Whie on the downside the multiple moving averages are placed around 55500 or thereabout levels.

Very likely that the banknifty also oscillates between these levels as rallies will likely get supply around 58250 – 58450 zone, while declines will get support in range of 56000 – 55500.

ATGL CMP 632.90:​

Multiple positive crossovers can be seen on the weekly charts of ATGL. The weekly moving averages have crossed on the upside along with crossovers on MACD and other indicators.

Broadly, looking at the cumulative evidence, there is a higher probability of stock price continuing its upside movement. The weekly averages next week will be placed around 575 – 580 mark and that should be taken as the key medium term support area. On the upside there is a pivot at 684 (a good levels to take profit if traders already have long positions) and then the next resistance is at 795.

Traders can look to buy if there is any declines close to 600 levels, with a stop below 575 and profit booking should be done around 680 – 685 levels.

JSW Energy cmp 538.05:

The share price of JSW energy has been trading in a mildly contracting and sideways pattern, as can be seen in the chart above. A move beyond 540 – 545 could signal a breakout from this channel and suggest possible target in the range of 615 – 630.

The weekly indicators are in rising mode and would indicate momentum support in case a breakout is eventuated.

In case of a breakout, traders should above 545 keep a stop below 515 and look for targets of 615 – 630 to take profits and exit positions.

SJVN CMP 78.62:

The share price of SJVN appears to be signaling some kind of a reversal from its declining movement. A look at the chart above tells us that most of the momentum indicators have recorded a crossover and started to move on the upside (kindly refer the chart above). A similar observation can be made on the price chart as the price has also started to move above the moving averages, which in themselves have also turned on the upside.

Traders can look to buy with a stop of 73 (area of moving averages) and on the upside the targets can be 83 (flat line marked on the chart above) / 92 (historical pivot) and 95 – 97 (marked on the chart above).