New week, new strategies!!
That’s right, the new week has arrived and it’s time to get started. While you’re still in the Monday blues phase, it’s time to hype yourself up with the info for the past week.
Nifty and Bank Nifty have been performing quite well for several days witnessing high selling pressures. Both Indian indices have been recording bullish trends all week long. Now that’s something to be excited about.
We need to go in deeper to understand the whole scenario so, without further delays let’s begin!!!
Nifty Soars High Witnessing Strong selling pressure in the week!! What’s next for the market?
Buy Above – 19870 | Stop Loss – 19370 | Target – 20370 |
Our analysts have been on the scene the whole week and finally concluded that the Nifty has been on a Bullish trend. The Nifty prices have been seeing strong selling pressure this week.
It has tested 19869 and closed below last week’s low. It has formed a hammer candlestick pattern and Resistance has been placed at 20000/20250. The Support was placed at 19300/19500.
Bank Nifty Flies High but fails to break the resistance. Where will this market go next?
Buy Above – 45800 | Stop Loss – 47400 | Target – 47400 |
It was an exciting run for Bank nifty, as our analysts concluded that the Bank nifty price rejected a boarding wedge upper resistance trend line and then closed a bearish candle.
It has formed a hammer candlestick pattern as well.
The Resistance was placed at 45800 / 46500. The Support was placed at 44200/43400.
Equity Focus – Stocks on Fire this Week:
Stocks are buzzing hard this week and there are a few that we have our eyes on. Here are the stocks that are on fire today!!
Consumer Durables:
DIXON EQ
BUY ABOVE – 4820 | STOP LOSS – 3900 | TARGET – 5740 |
TITAN EQ
BUY ABOVE – 3030 | STOP LOSS – 2880 | TARGET – 3180 |
Metal:
JSWSTEEL EQ
BUY ABOVE – 825 | STOP LOSS – 735 | TARGET – 915 |
Chemical:
ATUL EQ
BUY AROUND – 7070 | STOP LOSS – 6400 | TARGET – 8140 |
PIIND EQ
BUY AROUND – 3740 | STOP LOSS – 3440 | TARGET – 4040
Trending Equity News:
The week has made a lot of strides and it continues to do so. but what’s the news that made the headlines today?
Let’s find out now!!
Lupin:
With the significant rebound across categories in Q1, Lupin’s management remains optimistic about attaining its previously set target of an 18% margin increase in FY24.
The introduction of high-margin drugs with which the company has exclusivity, such as Spiriva and Prolenza, is projected to boost revenues and improve operating metrics in the coming quarters. Spiriva is a bronchial asthma inhaler, whereas Prolensa is intended to relieve inflammation and lessen eye pain after cataract surgery.
FIIs and DIIs:
The Market fall continued for the second week but was supported by DII. This week, foreign institutional investors (FIIs) sold shares worth INR 3545.64 crore, while domestic institutional investors (DIIs) purchased shares worth INR 5617.33 crore.
That’s all for today folks. We’ll be back with more info soon.
Until then, Happy Trading!!
Commodity Samachar
Learn and Trade with Ease