Nifty
NIFTY: 24334.3 In many of our previous updates, we have mentioned that the nifty will be in a range of 24350 - 24400 on the upside to 23800 on the downside. The cluster of moving averages (also marked in the chart above) provided support during any declines and is currently placed around 24100 Zone.
The nifty also closed at the upper end of the range and with the banknifty (covered next) already set to move above its own upside pivot, the nifty could test the important pivot of 24600 (highlighted in the chart above). A break beyond 24600 would open further upsides to levels around 25000.
As highlighted previously, the moving averages support is now around 24100 zone and we would maintain a positive stance unless the nifty index closes below 24100
Nifty Summary:
Upside resistance 24600 / 25000
Downside support 24100 / 23800
Bank Nifty
Bank Nifty: 58045.60 In many of our previous updates, we had highlighted that the banknifty has an important supply pivot at 58400 - 58450. During the week the banknifty opened at 57616, recorded a low of 57286, before moving to a high of 58597 and it closed at 58521.
Now that the banknifty has managed to close above 58450 and if it sustains above, it the banknifty is likely to record further upside movement and possible targets of 59200 or in a good case scenario 60300 could be tested. A failure to sustain above 58450 - 58400 would indicate that the banknifty is back to consolidation range of 58450 - 57000.
Crisil cmp
Crisil cmp 4245.70 It should be noted that the share price of Crisil appears to have broken from a downward sloping trendline. This breakout occurs as the indicators and moving averages (refer the chart above) are also in a rising mode.
It therefore is likely that the share price movement could possibly test one or all of the following price levels in coming weeks: 4350 / 4460 / 4720. Traders can accumulate the stock at current levels and add on declines to levels of 4200 – 4160. Keep a stop below 4090 in case the breakout fails to provide the anticipated upside movement.
Abbott India cmp
Abbott India cmp 28055 There are multiple positive observations to be made on the weekly price chart of Abbott India. The share price appears to be moving above the previous high (marked in the chart above) and thus reverse the lower high lower low sequence with a higher high higher low sequence.
Further the momentum indicators and moving averages have recorded positive crossover and are in a rising mode. Overall, the weight of technical evidence is tilted towards the possibility of a price up move.
Traders can look to slowly accumulate the stock at current levels and add on declines to levels of 27700 – 27600. Look for possible targets of 28800 or in a good case 30000. Keep a stop below levels of 27000 in case the bullish set up fails to perform.
GV T&D cmp
GV T&D cmp 4387.40: The share price GV T&D appears to have started trading below its weekly moving averages (currently placed around 4620 - 4650 levels. The momentum indicators have also started to decline and are placed well below their respective trigger lines. (kindly refer the chart above).
Looking at the technical factors listed above, it is quite likely that the stock price may endure a bit more corrective movement and decline to one or all of the following levels: 3890 / 3600. Traders can look to slowly exit the stock on rallies and pullback to levels of 4500 - 4600 and cover back the same at target levels indicated here. Further a close above 4700 would negate the bearish outlook and should be used as stop to exit sell side trades.
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