Nifty​

NIFTY: 23897.95 In our previous update, we had indicated that the nifty will be churning between two important levels. 24900 – 25150 on the upside was indicated as a formidable supply level while 23850 – 23800 was suggested as the key support.

The index opened at 24391 and moved to a high of 24601. From there it declined to a low of 23813 before closing at 23897 for the week.

Going forward the Nifty did test the support zone of 23800 – 23850 and managed to just hold above it. In the process the index has slipped below its short-term averages while the indicators are yet to do that. This makes the zone of 23800 and important one. A close below that could trigger further downsides to levels of 23550 – 23400. On the other hand, if the nifty manages to climb back and move above averages around 24100 – 24150, it could continue with the bounce and head to 24350 or to 24580. All in all looks like a choppy and volatile week ahead.

Nifty Summary:

Upside resistance24100 – 24150 / 24350 / 24580

Downside support 23800 – 23850 / 23550 / 23400.

Bank Nifty​

BankNifty: 56089.75 The banknifty performed relatively better than the nifty. It ended the week in positive and is also placed above its short-term averages. The volatility indicators for bank nifty have also started to turn flat meaning the bank nifty could spend the next few days within a choppy range much like the nifty.

The banknifty on the upside has a gap resistance at 56700 and then at 57750 and then a supply pivot around 58400 zone. Whie on the downside the multiple moving averages are placed around 55750 followed by 54400.

Very likely that the banknifty also oscillates between the levels of 56700 – 55750 for the near term. A move above 56700 could see the banknifty attempt upside to levels of 57750, conversely a breakdown from 55750 could suggest more declines to levels of 54400.

Bajaj HFL cmp 89.39:

The important observation to made on the price charts of Bajaj HFL is that the weekly indicators have turned positive while the moving averages on the weekly basis are also about to trigger a positive crossover.

It should be noted that the weekly averages are placed around the levels of 86 while on the daily charts there is a rising gap support at the same level. Traders can buy now add on any mild declines and keep a stop below 85.

On the upside, the stock has mild resistance pivot at levels around 96.80 – 97 (first target area) and then at 106 – 108 (final target area).

Clean cmp 816.75:

Much like the chart of Bajaj HFL, the charts of Clean have also recorded positive crossovers on weekly indicators, while the averages on the weekly charts are poised for a crossover. The averages in this case are placed around levels of 760 and are in a rising mode (which means they would be a bit higher next week).

On the upside supply pivot is at around the zone of 915 – 925 (marked on the chart above).

Traders can look at accumulate the stock slowly and add around the zone of 790 – 780. Keep a stop below 760 -755 and look to exit if the stock price does move up to levels close to 915 – 925.

Meesho cmp 180.69:

The share price of Meesho has moved above a declining trendline along with positive crossovers on the moving averages and indicators.

The trendline area now should act as a support zone and is currently at 167 – 165. On the upside resistance pivot is marked at 198 levels. The weight of technical evidence (position and direction of moving averages and indicators) appears to be indicating possible up move to levels of 198.

Traders can buy here add on declines to levels of 175 – 172. Keep a stop below 165 and look to take profits if the stock price moves to levels around 198.