TATAMOTOR is in overall bullish trend and for short term, stock is in some correction phase. Last week stock started on negative note and traded with sideways movement throughout the week. Stock has also given breakout of its major resistance levels of 593 on daily chart. If it manages to trade above the levels of 595, then further upside can be seen in it. Stock has showed a good positive move on intraday chart also.
For this week, traders can adopt buy on lower level strategy in it and above the level of 599.00, it can test the level of Rs. 617.00 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 587.00
Last week SYNDICATEBANK opened on negative note and made low of 49.30 during the week. It closed at 49.55 with the overall loss of 2.84% on weekly basis. Technically SYNDICATEBANK Jun futures broke major support level of 50.00 on the downside & also it’s forming Hammer Candlestick pattern on weekly chart. For this week, we can expect further downside movement in it.
For this week, traders can adopt sell on higher level strategy in it and below the level of 48.00, it can test the level of Rs. 46.10 during the week. Trades can make sell position in it by maintaining a Stop Loss of Rs. 49.00
Last week DABUR Jun Futures opened in positive note and traded during the entire week. It made high of 391.60 during the week and closed at 385.00 with the overall gain of 0.50% on weekly basis. Technically Dabur Jun Futures broke the major resistance level of 388.00 and sustaining above this it. For this week, we can expect further upside movement in it.
For this week, traders can adopt buy on lower level strategy in it and above the level of 388.50, it can test the level of Rs. 394.50 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 385.50
Bank Nifty:
Bank Nifty Jun Futures started the last week on positive note but could not continue its positive run throughout the week as it observed selling pressure from higher levels and gave closing on negative note on weekly basis. It has given breakout of its major downward trend line which was earlier acting as support for the index. For this week, if it manages to trade below the levels of 26300 then further downside can be seen in it. Major resistance is placed at 26750 & 27000 levels while support is placed at 26300 & 26000 levels.
For this week, traders can adopt sell on higher level strategy in it and below the level of 26300, it can test the level of Rs. 26000 during the week. Trades can make sell position in it by maintaining a Stop Loss of Rs. 26500.
Fundamental nifty
Last week, benchmark index witnessed overall sideways movement. There was only one sector i.e. the ‘Pharmaceutical’ which performs throughout the week & has given some positive move and the move was justifying as Pharma index getting bottomed out since last three weeks. As far as benchmark is concerned, nifty is gradually moving towards the 10900 mark but failed to surpass this hurdle last week. The latter half traded with some weakness but market is clearly lacking direction as well as the momentum. On the downside, important support zone of 10700 – 10650 and on the higher side, 10900 - 10920 would be seen as immediate resistance zone. Market also remain subdue in the anticipation of most awaited meet between US and South Korea.
On Macroeconomic front; important data like CPI, WPI Inflation, Trade balance etc released last week but none of them able to create major impact on the direction of the index. For this week, there is no major data is scheduled for release.
The Nifty closed positive consecutive for the last 4 weeks but the price behavior throughout these 4 weeks remained sluggish. On Weekly basis, Nifty close in positive with gains of about 0.5 percent. It managed to close around its crucial levels of 10800; however, the price remained extremely narrower with a weekly range of 138 points indicating time may be ripe for a breakout in either direction. Chart pattern continues to remain bullish as long as it trades above 10,800 levels thereby leaving a room for upside swing which is around 10980. To turn completely bullish, we insist for a breakout above 10,850. The major resistance is placed around 10850 and 10980 while support is placed at 10700 and 10550 on down side. On options front, maximum call options are open at 11000 while put options at the level of 10700.
For this week, traders can adopt buy on lower level strategy in it and above the level of 10840, it can test the level of Rs. 10980 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 10740.
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