Nifty
NIFTY: 23548 In many of out previous updates, we had suggested a ranged movement in the Nifty index indicating that the nifty was failing to sustain above 23850 - 23900. It did cross above 23900 this week as it recorded a high of 24090, before negating the breakout and immediately slipping below 23850 – 23900, before closing the week at 23548.
Going forward, the nifty has both established and important supports and resistances placed near to its current levels. A look at the indicator in the chart above shows its still not giving a directional bias as it remains flattish.
It is therefore likely that the index will continue to display ranged movement. On the upside 24100 / 24400 are the levels, while on the downside support is at 23350 – 23400 and then 23150 – 23100.
Nifty Summary:
Upside resistance 24100 / 24400
Downside support 23350 / 23150
Bank Nifty
BankNifty: 54239 I Like the Nifty index, the banknifty also has been moving in a range. The banknifty has been taking support at 53000 – 52800, while it has also failed to sustain at higher levels.
Again, similar to the nifty the banknifty indicators are nearly flat and show a lack of directional bias in the short term. The downside support is at 53000 – 52800 as marked in the chart above. The levels on the upside are at 54600 (moving average resistance) and 55350.
Expect a broad range of 53000 – 52800 and possible 55350 on the upside
HDFC Life cmp
HDFC Life cmp 594.80: The share price movement of HDFC life appears to be recording a downside break from a contracting triangle pattern. It should however be noted that the indicators are yet to breakdown suggesting a diversion in trend and momentum.
The breakdown would be valid if price remains below the levels of 610 – 613 (the negative crossover level of moving averages) and therefore traders can maintain a negative view as long as price is below 613.
On the downside the first support comes in at 560 and the next crucial level of support is at 540.
Netweb Technologies cmp
Netweb Technologies cmp 4670.70 The most important observation on the chart of Netweb is that the stock price movement appears to have broken out of a Cup & Handle formation.
It should be noted that the breakout will be valid as long as the stock price remains above 4300 on a weekly closing basis. The measuring implications suggest that the stock price could test levels of 5000 – 5100 in the short to medium term, while a price level of 5500 – 5600 is also possible in long term.
BEL Cmp
BEL Cmp 410.75 The share price of BEL limited appears to breaking below its rising support line after recording negative divergence (price making higher highs and momentum making lower highs), kindly refer the chart above.
This breakdown could suggest that the price has a higher possibility of declining and testing levels of 387 / 370 in coming weeks. On the upside it is likely to face strong resistance around levels of 420 – 425.
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