It’s time to get rid of the Monday blues and embrace the new week.
The Indian Indices have been performing exceptionally well last week even with its ups and downs.
Both Nifty and Bank Nifty witnessed a bullish trend all throughout the week and traders couldn’t be more happy.
High selling pressure has propelled the Indices to new heights, and it’s poised to be a whirlwind of a session!!
So let’s analyze the weekly performance of the Indian Indices!!
Nifty soars high riding on strong selling pressure!! What’s next for the market?
Buy Above – 19650 | Target – 19900 | Stop Loss – 19400 |
The nifty price has been on a roll for a while now and last week it witnessed a strong selling pressure. Nifty has ridden the selling pressure and created a bullish trend all the way.
Even though it hadn’t broken last week’s low, it formed a bearish belt and held a candlestick pattern.
The Resistance was placed at 19700/19800.
Support was placed at 19400/19300.
Bank Nifty cruises along with Nifty to form a bullish trend. Will the trend continue?
Buy Above – 45100 | target – 46100 | Stop loss – 44100 |
It’s not surprising that most of the time Nifty and Bank Nifty go hand in hand. This week too, the same has been witnessed by all traders alike.
Bank nifty prices have witnessed strong selling pressure this week but it has closed below last week’s low.
It has formed a strong small body bearish candlestick as well.
The Resistance was placed at 45100/46500. Support was placed at 44100/43400.
Stocks in Focus:
Every week Commodity Samachar brings you a few stocks that are bound to outperform everyone else and here are our top picks for the week to come.
Pharma:
CIPLA EQ
BUY – 1280 | STOP LOSS – 1150 | TARGET – 1410 |
Consumer Durables:
TITAN EQ
BUY – 3070 | STOP LOSS – 1355 | TARGET – 3270 |
WHIRLPOOL EQ
BUY – 1555 | STOP LOSS – 1355 | TARGET – 1755 |
Oil and Gas:
OIL EQ
BUY – 280 | STOP LOSS – 240 | TARGET – 320 |
Trending Equity News:
The end of the week brought several interesting news picks to choose from but these top the chart overall.
This week, domestic institutional investors (DIIs) acquired shares worth INR 2224.3 crore from foreign institutional investors (FIIs), who sold shares worth INR 4702.06 crore.
On August 11, open market transactions were used to sell more than a 6% share in Radiant Cash Management Services from Ascent Capital’s private equity fund Ascent India Fund III. As per the bulk deals data available on exchanges, Ascent India Fund has sold 67.65 lakh equity shares, which is equivalent to 6.33 per cent of the total paid-up equity in the cash management services company.
In order to raise 1.7% of the total paid-up equity, HDFC Mutual Fund sold 5.81 lakh shares in Simplex Infrastructures, a construction business, at an average price of Rs 52.47 per share and another 4.81 lakh shares at an average price of Rs 52.35 per share.
That’s all for today folks. We’ll be back with more news soon.
Until then, Happy Trading!!
Commodity Samachar
Learn and Trade with Ease