Nifty and Bank Nifty
Both Nifty 50 and Bank Nifty have experienced a bearish week and we expect this trend to continue over the coming week. Charts suggest a moderate decline in price action over the next week.
This week, Nifty closed below its crucial 17,200 level. We expect Nifty to test 16,700 in the next few trading sessions. Bank Nifty is trading close to its support area. Any close below 35,700 can raise Bank Nifty to 34,800 levels.
Nifty FMGC has entered another bearish wave. We expect the downtrend to continue for the coming week.
IT trades close to its support area. We could see some consolidation in this area for the week to come.
The current month’s shrewd future closed with a ~ 4 point premium over its place. Next month’s futures are trading at a premium of around 70 points.
We have seen an increase in open interest of almost 6% in Nifty.
Top five recommendations
DRREDDY is trading in the consolidation zone on the daily chart. Currently it is consolidating at the support level of 4455 indicating a probability of a breakout. Any lasting breakout of the consolidation zone at the 5080 level will have a good buying opportunity.
Buy DRREDDY above 5080 CMP 4750.90
Target 1 – 5712
Target 2 – 5029
Stop loss: 4605
IBULHSGFIN is trading in the narrow range of the 260 and 200 levels. Several times the price had given the rejection of the upper levels indicating that the 265 level is a high resistance level. The breakout of a strong resistance at the 265 level will have good bullish momentum.
Buy IBULHSGFIN above 265 CMP 246.55
Target 1 – 310
Target 2 – 332
Stop loss: 220
UPL is trading in its support area at the 707 and 690 level. A break out of the support level below the 690 level will have a good short selling opportunity.
UPL short less than 690 CMP 703.80
Target 1 – 640
Target 2 – 615
Stop loss: 740
Glenmark is trading in a range of the 550 and 460 level. It had given a break above the range of the 550 level, but it was unable to hold, indicating a decline as it has held up several times at the level. resistance. Below level 514 there will be a good shorting opportunity.
Short GLENMARK below 514 CMP 532.20
Target 1 – 478
Target 2 – 460
Stop loss: 550
Godrej Properties is resisting its previous support levels. Below the 2065 level, there is a good opportunity to be short as it breaks the previous low, indicating a downtrend.
GODREJPROP short below 2065 CMP 2095.75
Target 1 – 1860
Target 2 – 1757
Stop loss: 2270
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Posted: Saturday, November 27, 2021 11:43 am IST