Indian indices performed marvellously the past week but will this continue? Analysts say the contrary.

The previous week gave traders a satisfying conclusion to their trades as consecutive high and profit bookings created a lot of change in the market.

So what is the complete outlook of the performance in the previous week?

Without further delays, let’s dive in and see!!

Nifty witnesses a roaring bullish trend!! What should traders expect?
Sell Below – 19500 | Target – 19100 | Stop loss – 20000 |

Nifty has been performing really well the past week and our analysts expect some corrections. it traded in a narrow range this week and the psychology levels of 20000 have been acting like a resistance.

It has formed a small bearish spinning top kind of candlestick pattern.

The resistance has now been place at 20000/ 20250. Support has been placed at 19550/19100.

Bank Nifty has been witnessing a bullish trend but is it on a weak trajectory?
Sell below – 45200 | Target – 44000 | Stop Loss – 46400.

bank Nifty has been performing quite well the past week but now as per our analyst it may be riding a weak trend.

The Bank Nifty price rejected a boarding wedge upper resistance trend line then closed a bearish candle and also relative strength gives a negative divergence.

It has formed a broadening wedge pattern and the price has now been trading near a resistance trend line.

The resistance was placed at 46400/46800. The support was placed at 44700/43900.

Trending Stocks:

It’s that time of the week again when we’ll be guiding you through the market and the trending picks of the week.

Nifty Realty:

Buy Above – 71 | Stop loss – 58 | Target – 84/103|

Nifty Pharma:

Buy above – 866 | Stop loss – 780 | Target 952/1015

Buy around – 315 | Stop loss – 300 | Target – 345/360 |

Consumer Durables

Buy above – 1723| Stop loss – 1615 | Target – 1832/1980 |

Buy above – 1330 | Stop loss – 1250 | Target – 1410/1490.

Trending Equity News:

There are always a few companies that are making the rounds being the centre of attention for the market. let’s dive in and find out what they have to offer.

India’s largest power generation company NTPC is expected to report healthy growth in net profit for the quarter ended June 2023. The standalone profit after tax is expected to grow 2 per cent y/y to INR 4,543.23 crore in Q1 f FY24 whereas its revenue is likely to rise 5 per cent y/y to INR 40,404.53 crore, according to an average of 3 brokerage estimates.

Kotak institutional equities see a decline in net profit for NTPC due to the inclusion of prior period sales worth INR 1040 crore accounting for in Q4 of FY23.

That’s all we’ve got for today folks.

Until then, Happy Trading!!

Commodity Samachar
Learn and Trade with Ease