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HDFC Bank, Yes Bank, Kotak, IndusInd Bank are showing strength in the banking space
The chart pattern suggests that if Nifty crosses and sustains above 10,830 level then it would witness buying which could lead the index towards 10,900 -10,940 levels,
The chart pattern suggests that if Nifty crosses and sustains above 10,830 level, then it would witness buying which could lead the index towards 10,900 -10,940 levels.
Important support for the week is around 10,700; however, any violation of this support zone on a closing basis will cause profit booking at 10,620-10,550 levels.
The Nifty is trading above 20, 50 and 100-day SMA's, which is an important short-term moving average, indicating positive bias in the short term.
The Nifty continues to remain in an uptrend in the medium term, so buying on dips continues to be our preferred strategy. For the week, we expect Nifty to trade in the range of 10,940-10,650 with a positive bias.
On the weekly chart, Bank Nifty has formed a ‘Hammer’ like formation indicating buying support at lower levels. For the last seven weeks, BankNifty is holding above 26,000 levels on closing basis which indicates sustained strength.
The chart pattern indicates if Bank Nifty manages to cross above the 26,800 level, then we can see fresh buying action in banking stocks and it can scale up towards 27,200-27,400 level in the short term.
However, on the lower side, 26,000 is likely to act as good support in the minor corrective action. Below 26,000, we may see further profit booking which can drag it towards 25,700-25,500 level in the short term.
In the recent past, the market breadth has improved quite significantly, indicating increased market participation. We advise investors to hold stocks which are hitting 52-week highs till Nifty trades above 10,700-10,600 level as momentum will continue on the upside in these stocks if Nifty holds above 10,700 level.
Once Nifty reclaims above 11,000 level, we may see outperformance in these stocks. We advise investors not-average stocks which are hitting 52-lows at the current juncture.
Looking at the macro picture, we feel there would be more downside in the near/short term in these stocks. We believe that stocks with good fundamentals backed by a good set of number in upcoming quarterly results would continue to rally as the benchmark index is in bullish zone.
Yes Bank: Buy| CMP: Rs 351.80| Target: Rs 364-369| Stop loss: Rs 337| Return: 5-7%
Yes, Bank has given a breakout to the down sloping trend line on the weekly chart. The stock turnaround from Rs 327 levels. The stock is currently trading above all the important moving averages i.e. 20, 50, 100 and 200 SMA.
Berger Paints: Buy| CMP: 297.40| Target: Rs 307-311| Stop loss: Rs 286| Return: 5-6%
Berger Paint was consolidating in the horizontal channel from Rs 280 to Rs 240 from May 2017. It witnessed a breakout of this consolidation range in the month of May 2018 after which the stock gave a pullback towards the breakout level of Rs 280.
This week, the stock witnessed a reversal from the breakout level and gained 5.84 percent on the weekly closing basis thus retracing almost 80 percent of the dip action.
Lupin: Buy| CMP: Rs 915| Target: Rs 932-950| Stop loss: 869| Return: 5-7%
On the weekly chart, the stock has formed a double bottom formation which commenced a bullish rally. The stock is in a higher top and higher bottom formation and is trading above all its important moving average, i.e. 20, 50, 100 and 200 SMA, thus confirming the bullish trend in the stock.
Source-www.moneycontrol.com
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