Nifty
NIFTY: 24013 In our previous update we mentioned that a move above 23750 – 23770 would suggest a possibility of 24050 / 24350 / 24600. The nifty did manage to get past 23770 last week and it moved to a high of 24189, before closing the week at 24013.
Going forward, the moving averages on the index are placed at 23730 – 23800 zone and a breakdown will be triggered only if the nifty were to close below this zone. As long as the Nifty is above this zone, maintain targets of 24350 / 24600.
Nifty Summary:
Upside resistance24350 / 24600
Downside support 23730 – 23800 / 23600.
Bank Nifty
BANK NIFTY: 57685 In our previous update, we discussed that the banknifty could test 57370 and eventually 58400. The banknifty recorded a high of 58021 before closing the week at 57685.
Going forward, note that the level of 58350 – 58400 would be a significant barrier on the upside. On the downside a gap support comes in at 56870 – 57070 and then 55600. However with most averages rising and volatility indicators declining, the banknifty might be in a range of 58400 on the upside and 56870 – 57070 on the downside for next few days.
ACE cmp
ACE cmp 975.65: The share price of ACE managed to clear and move above an important pivot of 930. The moving averages and the momentum indicators both are in rising mode strengthening the argument that this breakout above the pivot could trigger more price advance in near future.
Traders should look to buy slowly at current levels and add on declines to levels of 950 - 940. Keep a stop loss one percent below 920 zone on a closing basis. The breakout suggests possibility of stock price heading to levels of 1030 – 1040 or even 1120 in forthcoming weeks, where profit booking could be administered.
Eternal cmp
Eternal cmp 264.30: The share price of Eternal appears to have registered a breakout by closing above the pivot level of 255 – 257 (marked in the chart above).The moving averages and the momentum indicators both are in rising mode strengthening the argument that this breakout above the pivot could trigger more price advance in near future.
Traders should look to buy the stock at current levels and add if the stock gives a pullback to levels of 258 - 255. Keep a stop below 252 on closing basis. As a result of the breakout the share price now has the potential to test levels of 280 or 288 levels.
Nuvama cmp
Nuvama cmp 1739.60 The share price of Nuvama has given a breakout above previous highs of 1610 (marked in the chart above) and closed at 1739. The direction of moving averages and indicators is positive suggesting that this breakout could see price make higher highs in coming weeks.
Traders should look at slowly accumulating the stock at current levels and adding aggressively if it gives a pullback to levels of 1650 – 1640. Keep a stop below 1600 on the downside on a closing basis.
On the upside there is a possibility of stock heading to levels of 1950 – 2000 in coming weeks where profit booking can be done if the stock price reaches around those levels.
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