Nifty Outlook:
Nifty performed well for the course of day. As forecasted we saw some good buying in the index today and nifty becomes the buyers choice. We saw a nice pull in the price but 8700 was a challenging handle to get a breakthrough. Talking for the week a red candle was formed on chart in a hammer pattern. On weekly frame we are moving on a strict trend line and if this trend line gets broken we would see a big fall in coming days.
Bank Nifty:
Banking sector was the most volatile and profitable sector for the day. As forecasted yesterday we saw a green move where the day gave good result for SBIN, Bank of India, Dena Bank, Oriental Bank, Bank Of Maharashtra and many more this gave a good opportunity for the trades to make some good bugs for their pocket. Looking on the weekly chart we are moving on the high of 2016 with a sharp uptrend form a long time where 19250 becomes a major restriction for the breakout. On lower side 18600 still behaves as an important support.
Nifty performed well for the course of day. As forecasted we saw some good buying in the index today and nifty becomes the buyers choice. We saw a nice pull in the price but 8700 was a challenging handle to get a breakthrough. Talking for the week a red candle was formed on chart in a hammer pattern. On weekly frame we are moving on a strict trend line and if this trend line gets broken we would see a big fall in coming days.
Bank Nifty:
Banking sector was the most volatile and profitable sector for the day. As forecasted yesterday we saw a green move where the day gave good result for SBIN, Bank of India, Dena Bank, Oriental Bank, Bank Of Maharashtra and many more this gave a good opportunity for the trades to make some good bugs for their pocket. Looking on the weekly chart we are moving on the high of 2016 with a sharp uptrend form a long time where 19250 becomes a major restriction for the breakout. On lower side 18600 still behaves as an important support.
| Nifty Gainers | |
| Stock | Price |
| SBIN | 243.60 |
| AXISBANK | 589.55 |
| YESBANK | 1291.00 |
| HINDALCO | 146.00 |
| TATAMOTORS | 516.00 |
| Nifty Losers | |
| Stock | Price |
| BPCL | 579.65 |
| TECHM | 489.10 |
| CIPLA | 512.90 |
| IDEA | 93.75 |
| INFY | 1061.60 |
| Nifty Resistance & Support | |
| R1 / R2 | 8700/8750 |
| S1 / S2 | 8610/8570 |
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