Nifty Weekly Review
The Nifty ended the week with a loss of 55 points over the last weekly close. The weekly high on the Nifty was noted at 4923 and the weekly low was at 4728. Earlier in the week, we had sensed that Nifty will depict a range bound consolidation, will test its near term lows and open with an up gap, and on all three counts, the Nifty did oblige.
The weekly Nifty range is still about 200 points, but it has fallen down from 5050 4850 to 4950 4750.
Also to be noted is that in spite of huge recovery in the global equity markets, the Indian markets have shown some rigidness. This indicates, that the Indian markets are still not out of the clutches of the bearish trend, and any rise will be quickly sold off, unless the Nifty gives couple of consecutive closes above the upper end of the range.
In the above chart, the Nifty looks like having a strong resistance in the 4850 5000 range, however, the Bollinger Bands have now opened up a possibility of 4640 as well.
This makes trading in the next week highly interesting and taking well planned positions can yield good profits in the coming week.
Remembering to keep an open mind before the start of each trading session, and not get bogged down by our previously taken positions, or by outcome of our last trade, will be the key to success in the next week.
Happy Trading !!!
Bullish looking stocks for the next week :
EIHAHOTELS EONELECT PATNI PLETHICO RSSOFTWARE SHIV-VANI SIMPLEX TORNTPOWER
Bearish looking stocks for the next week :
ABGSHIP BOC DHANUKA GANESHHOUC GRINDWELL INOXLEISUR JBMA KAMATHOTEL KSK LGBBROSLTD MBLINFRA NILKAMAL PRAKASHSTL RUSHIL VINATIORGA
For cash market recommendations see our Daily Pre Market calls on NSE
The Nifty ended the week with a loss of 55 points over the last weekly close. The weekly high on the Nifty was noted at 4923 and the weekly low was at 4728. Earlier in the week, we had sensed that Nifty will depict a range bound consolidation, will test its near term lows and open with an up gap, and on all three counts, the Nifty did oblige.
The weekly Nifty range is still about 200 points, but it has fallen down from 5050 4850 to 4950 4750.
Also to be noted is that in spite of huge recovery in the global equity markets, the Indian markets have shown some rigidness. This indicates, that the Indian markets are still not out of the clutches of the bearish trend, and any rise will be quickly sold off, unless the Nifty gives couple of consecutive closes above the upper end of the range.
In the above chart, the Nifty looks like having a strong resistance in the 4850 5000 range, however, the Bollinger Bands have now opened up a possibility of 4640 as well.
This makes trading in the next week highly interesting and taking well planned positions can yield good profits in the coming week.
Remembering to keep an open mind before the start of each trading session, and not get bogged down by our previously taken positions, or by outcome of our last trade, will be the key to success in the next week.
Happy Trading !!!
Bullish looking stocks for the next week :
EIHAHOTELS EONELECT PATNI PLETHICO RSSOFTWARE SHIV-VANI SIMPLEX TORNTPOWER
Bearish looking stocks for the next week :
ABGSHIP BOC DHANUKA GANESHHOUC GRINDWELL INOXLEISUR JBMA KAMATHOTEL KSK LGBBROSLTD MBLINFRA NILKAMAL PRAKASHSTL RUSHIL VINATIORGA
For cash market recommendations see our Daily Pre Market calls on NSE
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