Nifty Spot opened with Gap up in the initiation of the week. Nifty was not able to sustained at upper level around 11460 and taken upper support of 10 EMA in daily chart at the level of 11464 and was falling to be frame a black crows technical candle pattern. Consecutively nifty traded below 2 week low and surged in down side to be filling a tusuki gap around the level of 11215-1175. Nifty has been followed by its falling trend and traded below 10 EMA in daily chart. 11300 was 38.2 Fibonacci retracement level on falling wedge and 11150 was 50% Retracement, due to couple of Macro sentiments nifty has taken supply boom and saw a Ka Boom wind fall in nifty by last trading of the week. By last trading nifty was opened at 11271, high were 11346 and low was 10866.45 in just intraday which is happened due to slightly increment in US10 Yr. Bond. But by day close have seen some recovery and closed at 50% retracement at the level of 11143 and same level can be a good bottom buy level if nifty sustained above the same level.
TREND DECIDER THIS WEEK 11143.10
Nifty bank opened with Gap up as last week’s closing candle was hammer and to be opening by gap up was predicted, but could not able to sustained to its consolidated rang around 27000-27250 because bank nifty spot is trading under 10 EMA level since it was enjoying at 28000. Below 28000 bank nifty there was no sign of recovery. 26575 were a 38.2 Retracement on Fibonacci and 26000 were 50% Retracement level.
Now more penetrated things is that Bank nifty has been close below 200 EMA in daily chart which is looking more hawkish and bearish for the level of 24680. Last trading day was pathetic for bull operators and we saw almost 500 points correction in the bank nifty in the same day. Even though bank nifty has closed below 50% Retracement and just above 61.8 Retracement level on Fibonacci
TREND DECIDER THIS WEEK 25594
JUSTIFICATION
Page Industries had been framed a double bottom candle pattern and having neck line break out at the level of 34267 and base level is 31619 and we have accumulation level of 36915 and that would be recommended target price.
JUSTIFICATION
Just dial has been framing a Morning star candle pattern and it seems to be open in gap up at the level of 537 and also having trend line break out with con junction of 560 so our recommend target would be 560-570 in coming couple of trading days.
DISCLAIMER
Stock trading involves high risk and one can lose Substantial amount of money. The recommendations made herein do not constitute an offer to sell or solicitation to buy any of the Securities mentioned. No representations can be made that recommendations contained herein will be profitable or they will not result in losses. Readers using the information contained herein are solely responsible for their actions. The information is obtained from sources deemed to be reliable but is not guaranteed as to accuracy and completeness. The above recommendations are based on technical analysis only. NOTE WE HAVE NO HOLDINGS IN ANY OF STOCKS RECOMMENDED ABOVE
