WEEKLY REPORT (13 – 18TH APRIL 2015)

Posted By : Kishore B.S

HIGHLIGHTS
 NIFTY closed 2.3% higher on the week on a positive note due to short covering in heavy weights such as Reliance, ITC, selective Banks, and some brisk buying in Midcaps and small caps
 Over all although truncated week it was a broad based rally in NIFTY with most sectors contributing to the rally
 Now again Inflation data on Monday and a holiday on Tuesday (14/4/15) interrupted week its expected to be sideways action in NIFTY with action might shift to midcaps and small caps (risky double digit stocks may trend higher)

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NIFTY
TECHNICAL VIEW – SELL ON RISES* (CMP = 8770.85)

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Observations*
 NIFTY has formed Hanging Man Lines candlestick pattern from past two trading sessions on daily charts, which is indicating halt of uptrend in near term
 NIFTY is approaching near the resistance zone 8795 – 8815
 It is recommended traders can book profits those who have bought last week and wait for confirmation below 8720 to sell for 8625 and below 8590 – 8530 can be tested
 While aggressive traders can sell short around 8795 – 8815 with stop loss of 8863 for targets 8722/8625
The key support & Resistance zone for NIFTY :
S – 8795 – 8816/ 8949 – 8970
R – 8722/ 8649 – 8626/ 8540/ 8411
Bank NIFTY is in the range 18400 – 18950. Either way breakout for the index can yield 400 – 500 points
Buy above 18960 (CMP = 18800) with SL 18778 for targets 19380 – 19460
Sell below 18400 (CMP = 18800) with SL 18600 for targets 18050 – 17900
The Key Support and Resistance zone for BANK NIFTY:
S – 18408/ 18050/ 17879/ 17772
R – 18823/ 18960/ 19160/ 19383 – 19467
Mantra for the Week:
We recommend being more on stock specific rather than betting on specific sector.
Range for the Week:
NIFTY can be in the range around 8620 – 8816 broadly for the week. Below 8590 further weakness can be seen up to 8410.

Calls for the Week:
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Cheers!!
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(Inputs: Mr. Raju Angadi Vishwanath, Facutly TA, Stock Market Institute, Bangalore India)

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