It’s the end of the previous week and the start of the new year. However, it’s always a good idea to understand your past to determine the future.
In the spirit of that practice, the previous week truly was a whirlwind of a session for the India Indices as it seemed like this streak of upward movement took a back seat and witnessed high selling pressure.
However, the question on everyone’s mind is, what’s next for the market and where’s it headed?
Let’s get started!!
Bearish forces take over Nifty. Where’s the market headed?
Sell Below – 19650 | Stop Loss – 19750 | Target – 19350 |
Nifty has started the week with a flat opening and showed signs of strong selling pressure throughout.
The momentum has indicated weakness and it has closed with a strong bearish candlestick, signaling a downward trend.
It has formed a bearish marubozu candlestick pattern.
Resistance placed at 20500/20800. Support has been placed at 19600/19300.
Bank Nifty faces similar forces and witnesses selling pressure!! What’s next for the market?
Sell Around – 44600 | Stop Loss – 45600 | Target – 43600 |
Bank nifty began this week with a gap down and faced consistent selling pressure throughout it closed with a strong bearish trend.
The momentum has also indicated weakness and a double-top pattern has been detected in the price movement.
It has formed a bearish marubozu candlestick pattern.
Resistance was placed at 46500/47000. Support was placed at 44500/ 44000.
Stocks in Focus:
Bank:
INDIANB EQ
Buy Around – 420 | Stop Loss – 370 | Target – 470 |
UNIONBANK EQ
Buy Around – 100 | Stop Loss – 80 | Target – 120 |
CENTRALBK EQ
Buy Around – 50 | Stop Loss – 40 | Target – 60 |
Consumer Durables:
RELAXO EQ
Buy Above – 925 | Stop Loss – 825 | Target – 1025
BLUESTARCO EQ
Buy Around – 880 | Stop Loss – 780 | Target – 980 |
Trending Equity News:
It’s the end of the week and we have to know who made the headlines on the final day of the week. Let’s dive into it!!
State Bank of India:
The State Bank of India has raised INR 10,000 crores at a coupon rate of 7.49% through its fourth infrastructure bond issuance.
Vaibhav Global Ltd.:
Shop TJC Ltd, a wholly owned subsidiary of the company has successfully executed an Asset Sale Agreement to acquire assets of Ideal World Ltd.
That’s all for the week folks!!
We’ll be back with more news soon. Until then, Happy Trading!!
Commodity Samachar
Learn and Trade with Ease