Nifty Fundamental
Last week, the benchmark Nifty index traded negative for the most part of the week due to pressure from the global equity market coupled with the weak Indian Rupee against the U.S. dollar, although on the last day of the week, we saw some short covering in it from the lower levels. Rise in the Crude Oil prices further created pressure on the benchmark index as the Crude Oil prices almost witnessed 6% gain on weekly basis.
FII & DII activity remained contrast for the most part of the week & was unable to create any impact on the market. Nifty PE ratio remained in the range of 26.63 – 26.38 during the week & we saw a fall in it as compare to the last 2 weeks.
On Macroeconomic front; important data like Bank Loan Growth, Deposit Growth etc released last week but none of them able to create major impact on the index move. For this week, there is no major data is scheduled for release.
Nifty Technical
Last week NIFTY Jun Futures started the week on negative note and made a low of 10704.55, but till the end of the week, all of its earlier losses were erased and it closed at 10833.95 with the marginal gain of 0.18% on weekly basis. Technically it’s consolidating near to the downward trend line breakout with the positive RSI and if it breaks the line, then we can expect further upside movement in it.
The major resistance is placed around 10850 and 10980 while support is placed at 10700 and 10550 on down side. On options front, maximum calls open interest laying at 11000 as the major resistance level and maximum put open interest laying at 10700 as the major support level. For this week, we can expect sideways to positive movement in it.
For this week, traders can adopt buy on lower level strategy in it and above the level of 26830, it can test the level of Rs. 27000/ 27100 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 26695
RAMKY
Last week RAMKY NSE Cash started the week on negative note and continued the same for the entire week. It made a low of 161.00 during the week and closed at 166.90 with the overall loss of 7.53% on weekly basis. Technically its consolidation near to the breakout of major downward trend line with the positive indicators and for this week, we can expect short covering in it from the lower levels.
For this week, traders can adopt buy on lower level strategy in it and above the level of 188, it can test the level of Rs. 198 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 183
GLEANMARK
Last week GLEANMARK NSE Cash started the week on negative note and after that it witnessed choppy movement for the most part of the week. It made a low of 575.50 during the week and closed at 599.85 with the overall gain of 2.23% on weekly basis. Currently it’s recovering from the lower levels & had given recovery of more than 21% in last 5 trading session. Technically it’s trading above the downward trend line breakout coupled with the RSI trading near to 60 and 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 614, it can test the level of Rs. 632 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 599
MINDTREE
Last week MINDTREE Jun Futures started the week on negative note and after that it witnessed sideways movement for the entire week. It made a low of 975.85 during the week and closed at 986.65 with the overall loss of 1.26% on weekly basis. Technically it’s forming Double Top pattern on the charts and consolidating near to the major upward trend line breakout. For this week, if it sustains below the trend line breakout, then 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 963, it can test the level of Rs. 943 during the week. Trades can make sell position in it by maintaining a Stop Loss of Rs. 970
HAVELLS
Last week HAVELLS Jun Futures started the week on negative note and made a low of 530.15 during the week. On the last day of the week, we saw good bounce back in it from the lower levels and it closed at 544.25 with the marginal loss of 2% on weekly basis. Technically HAVELLS is in consolidation phase from last 1 & ½ months and forming Bullish Engulfing pattern on the daily chart. For this week, we can expect upside movement in it above the level of 548.00
For this week, traders can adopt buy on lower level strategy in it and above the level of 548, it can test the level of Rs. 558 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 541
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