Trade Nivesh | The chart pattern suggests that if Nifty crosses and sustains above 11,970, it would witness buying that would lead the index towards 12,100-12,250
On the weekly chart, Nifty has formed a small Bearish candle with shadows on either side indicating indecisiveness amongst participants regarding the direction.
The index is moving in a Higher Top and Higher Bottom formation on the weekly chart indicating positive bias. The chart pattern suggests that if Nifty crosses and sustains above 11,970, it would witness buying that would lead the index towards 12,100-12,250. However, if the index breaks below 11,840, it would witness selling that would take the index towards 11,770-11,630.
Nifty is trading above 20, 50 and 100-day SMAs, which is an important short term moving average, indicating positive bias in the short term. 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 12,100-11,700 with mixed bias.
Nifty took support at the highest open interest point 11,800 that has 14.84 lakh shares with highest addition of 8.90 lakh share, followed by 11,700 PE that has an addition of 4.88 lakh shares and total Open Interest (OI) stands at 10.27 lakh shares. 12,000 PE saw major unwinding to the tune of 1.32 lakh shares while total OI stood at 3.4 lakh.
On the Calls front, 12,000 CE has the highest OI at 19.06 lakh shares while the addition was seen in 11,900 CE to the extent of 4.54 lakh shares. The second highest open interest of 14.23 lakh shares is at 12,100 CE.
The weekly strength indicator RSI and momentum oscillator Stochastic have both turned positive and are above their respective reference lines indicating positive bias.
On the weekly chart, the index has formed a bearish candle carrying either side shadows representing extreme volatility on either side. The index is moving in a Higher Top and Higher Bottom formation on the weekly chart indicating positive bias.
The chart pattern suggests that if Bank Nifty crosses and sustains above 31,250, it would witness buying that would lead the index towards 31,500-31,800. However, if the index breaks below 30,800, it would witness selling that would take the index towards 30,500-30,250.
Bank Nifty is trading above 20, 50 and 100-day SMAs, indicating positive bias in the short to medium term. Bank 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 Bank Nifty to trade in the range of 31,600-30,300 with mixed bias.
The weekly strength indicator RSI and momentum oscillator Stochastic have both turned positive and are above their respective reference lines indicating positive bias.
Tata Global | CMP: Rs 256.45 | Buying Range: Rs 252-248 | Stop loss: Rs 242 | Target: Rs 260-266 | Upside: 4-6 percent
On the weekly chart, the stock price has decisively broken out from its multiple resistance zone levels of Rs 246-248 on a closing basis and sustaining above the same. This breakout is accompanied by an increase in volumes that supports bullish sentiments ahead.
RSI and Stochastic are in positive territory that supports upside momentum to continue in the near term. The stock price is sustaining well above its 20, 50 and 100 day-SMAs, which supports bullish sentiments ahead.
Havells India | CMP: Rs 789 | Buying Range: Rs 783-770 | Stop loss: Rs 760 | Target: Rs 813-830 | Upside: 5-7 percent
On the weekly and daily charts, the stock price has decisively broken out from its multiple resistance zone of Rs 780-785 on a closing basis and is sustaining above the same. This breakout is accompanied by an increase in volumes that supports bullish sentiments ahead.
RSI and Stochastic are in positive territory that supports upside momentum to continue in the near term. The stock price is sustaining well above its 20, 50 and 100-day SMAs, which supports bullish sentiments ahead.
Voltas | CMP: Rs 617.45 | Buying Range: Rs 613-602 | Stop loss: Rs 597 | Target: Rs 632-643 | Upside: 4-6 percent
On the daily chart, the stock price has decisively broken out from its multiple resistance zone of Rs 607-605 on a closing basis and sustaining above the same. This breakout is accompanied by an increase in volumes that supports bullish sentiments ahead.
RSI and Stochastic are in positive territory that supports upside momentum to continue in the near term. The stock price is sustaining well above its 20, 50 and 100 day-SMAs, which supports bullish sentiments ahead.
Infosys | CMP: Rs 738.30 | Buying Range: Rs 738-724 | Stoploss: Rs 721 | Target: Rs 760-770 | Upside: 4-5 percent
On the weekly chart, the stock price has decisively broken out from its downsloping trendline at Rs 730 on a closing basis and is sustaining above the same. The stock price has taken support at its 38.2 percent Fibonacci levels of its previous rally (Rs 700 to 750) that indicates positive bias. This breakout is accompanied by an increase in volumes that supports bullish sentiments ahead.
RSI and Stochastic are in positive territory that supports upside momentum to continue in the near term. The stock price is sustaining well above its 20, 50 and 100 day-SMAs, which supports bullish sentiments ahead.
On the weekly chart, Nifty has formed a small Bearish candle with shadows on either side indicating indecisiveness amongst participants regarding the direction.
The index is moving in a Higher Top and Higher Bottom formation on the weekly chart indicating positive bias. The chart pattern suggests that if Nifty crosses and sustains above 11,970, it would witness buying that would lead the index towards 12,100-12,250. However, if the index breaks below 11,840, it would witness selling that would take the index towards 11,770-11,630.
Nifty is trading above 20, 50 and 100-day SMAs, which is an important short term moving average, indicating positive bias in the short term. 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 12,100-11,700 with mixed bias.
Nifty took support at the highest open interest point 11,800 that has 14.84 lakh shares with highest addition of 8.90 lakh share, followed by 11,700 PE that has an addition of 4.88 lakh shares and total Open Interest (OI) stands at 10.27 lakh shares. 12,000 PE saw major unwinding to the tune of 1.32 lakh shares while total OI stood at 3.4 lakh.
On the Calls front, 12,000 CE has the highest OI at 19.06 lakh shares while the addition was seen in 11,900 CE to the extent of 4.54 lakh shares. The second highest open interest of 14.23 lakh shares is at 12,100 CE.
The weekly strength indicator RSI and momentum oscillator Stochastic have both turned positive and are above their respective reference lines indicating positive bias.
On the weekly chart, the index has formed a bearish candle carrying either side shadows representing extreme volatility on either side. The index is moving in a Higher Top and Higher Bottom formation on the weekly chart indicating positive bias.
The chart pattern suggests that if Bank Nifty crosses and sustains above 31,250, it would witness buying that would lead the index towards 31,500-31,800. However, if the index breaks below 30,800, it would witness selling that would take the index towards 30,500-30,250.
Bank Nifty is trading above 20, 50 and 100-day SMAs, indicating positive bias in the short to medium term. Bank 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 Bank Nifty to trade in the range of 31,600-30,300 with mixed bias.
The weekly strength indicator RSI and momentum oscillator Stochastic have both turned positive and are above their respective reference lines indicating positive bias.
Tata Global | CMP: Rs 256.45 | Buying Range: Rs 252-248 | Stop loss: Rs 242 | Target: Rs 260-266 | Upside: 4-6 percent
On the weekly chart, the stock price has decisively broken out from its multiple resistance zone levels of Rs 246-248 on a closing basis and sustaining above the same. This breakout is accompanied by an increase in volumes that supports bullish sentiments ahead.
RSI and Stochastic are in positive territory that supports upside momentum to continue in the near term. The stock price is sustaining well above its 20, 50 and 100 day-SMAs, which supports bullish sentiments ahead.
Havells India | CMP: Rs 789 | Buying Range: Rs 783-770 | Stop loss: Rs 760 | Target: Rs 813-830 | Upside: 5-7 percent
On the weekly and daily charts, the stock price has decisively broken out from its multiple resistance zone of Rs 780-785 on a closing basis and is sustaining above the same. This breakout is accompanied by an increase in volumes that supports bullish sentiments ahead.
RSI and Stochastic are in positive territory that supports upside momentum to continue in the near term. The stock price is sustaining well above its 20, 50 and 100-day SMAs, which supports bullish sentiments ahead.
Voltas | CMP: Rs 617.45 | Buying Range: Rs 613-602 | Stop loss: Rs 597 | Target: Rs 632-643 | Upside: 4-6 percent
On the daily chart, the stock price has decisively broken out from its multiple resistance zone of Rs 607-605 on a closing basis and sustaining above the same. This breakout is accompanied by an increase in volumes that supports bullish sentiments ahead.
RSI and Stochastic are in positive territory that supports upside momentum to continue in the near term. The stock price is sustaining well above its 20, 50 and 100 day-SMAs, which supports bullish sentiments ahead.
Infosys | CMP: Rs 738.30 | Buying Range: Rs 738-724 | Stoploss: Rs 721 | Target: Rs 760-770 | Upside: 4-5 percent
On the weekly chart, the stock price has decisively broken out from its downsloping trendline at Rs 730 on a closing basis and is sustaining above the same. The stock price has taken support at its 38.2 percent Fibonacci levels of its previous rally (Rs 700 to 750) that indicates positive bias. This breakout is accompanied by an increase in volumes that supports bullish sentiments ahead.
RSI and Stochastic are in positive territory that supports upside momentum to continue in the near term. The stock price is sustaining well above its 20, 50 and 100 day-SMAs, which supports bullish sentiments ahead.
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