Last week Nifty continue to rise and made new weekly High. But if we look at daily charts Nifty is struggling ( Also making dojis) on daily charts at the resistance levels. It indicates that the market may take a breather here and can even correct from these levels. It can be a good idea to book profits and even initiating option credit strategies with a down biased.
As can be seen from the weekly chart of Nifty, it is at resistance. Also, it is retesting the trendline. Only if Nifty goes and closes above 12,100 we will see a new rally that can take it to 13k levels, else we can see market to consolidate or even fall to 11,600 levels.
Once we close below 11,860 on an hourly basis, you can initiate a fresh sell with a stop loss of 11,900.
Bank Nifty daily chart is also at a make or break level.
Stocks analysis for the Day
- Raymond : Buy for short term delivery target of 640, its at monthly support
- Adaniport: Short at 394-396 with stop loss of 401 and target of 380
- Mothersonsumi: Short at 123 with a stop loss at 127 and target of 115-110
- IFCI: Positional delivery buy at 8 for the target of 10 and above.
- Coal India: Buy at 205-206 with stop loss below 200 and target of 220.
Chart of the Week
It’s a Bajaj Finserve Daily Chart. A clear breakout with volume can be seen. Its a good example of the Flag pattern.
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