CFA Hitesh Somani
MD - Aapka Investments
Website - https://www.aapkainvestments.in
Markets
traded strongly in the last week but Nifty finally closed below 25000 again. Is
it a Bull Trap?
Last
week was a strongly bullish week for the markets as we saw nifty in green for
consecutive 4 days but on Friday again we saw some profit bookings in the
markets and nifty closed in red for more than 200 points. Could it be a bull
trap?
As
nifty closed below 25000, it could be a sign of worry but as we can see with
the charts markets are looking pretty strong as nifty reversed sharply from the
major support of 24200 levels and managed to close above 25000 levels for 2
days, this is a very good sign for investors as if nifty manages to close above
25200 levels in the coming week then we cand see a sharp upmove in the markets
and nifty may hit above 25500 levels soon.
Banknifty
is not showing much strength as compared to nifty as banking shares are weak
compared to IT stocks which dragged nifty on the higher side. Banknifty on
Friday showed heavy downside and closed 55200 levels. Banknifty is showing a
bit nervousness but if in the next week banknifty manages to close above 55800
again then it would be a strong bullish signal and banknifty may hit above
56500 soon. If banknifty breaks the major support of 55000 and closes below it
then we may see may see markets getting more weaker and banknifty may hit 54500
levels.
Important Levels for Nifty Next Week
- Major Support Levels for Nifty
- Support 1 – 24800
- Support 2 – 24550
- Support 3 – 24300
- Major Resistance Levels for Nifty
- Resistance 1 – 25000
- Resistance 2 – 25200
- Resistance
3 – 25400
Important
Levels for Banknifty Next Week
- Major Support Levels for Banknifty
- Support 1 – 55000
- Support 2 – 54500
- Support 3 – 54200
- Major Resistance Levels for Banknifty
- Resistance 1 – 55800
- Resistance 2 – 56200
- Resistance 3 – 56700
Important Stocks to Watch Next Week
1) TEJASNET
Buy Above @ 650
Stop Loss Below @ 595
Targets @ 680, 710 and 740
2) BATAINDIA
CMP @ 1105
Buy Above @ 1150
Stop Loss @ 1085
Targets @ 1190, 1240 and 1290
3) PGEL
Buy Above @ 580
Stop Loss @ 545
Targets @ 595, 625 and 645
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