The equity market is in a positive trend, we are expecting that in the next week nifty and banknifty may trade towards northside Says Anuj Gupta
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Below is Weekly outlook Nifty and Banknifty by Mr. Anuj Gupta, Vice President, IIFL Securities
Last week nifty and banknifty closed higher on the back of good earning numbers from the companies and net inflow from FIIs in the last week. Nifty increased by 1.28% and closed at 18349 levels. Bank nifty increased by 2.13% and closed at 42137 levels.
Last week FII's were in net buyers of Rs 6330.17 Cr, however DIIs were in net sellers of Rs 2255.91 Cr. The support comes from the FIIs this week. However, the Indian rupee also increased by 1.80% and closed at 80.79 levels.
Technically the equity market is in a positive trend, we are expecting that in the next week nifty and banknifty may trade towards northside. For the next week nifty has a support at 18150 and then 17800 levels, Resistance at 18600 levels and then 18850 levels. Bank nifty support at 41650 levels and then 40900 levels, resistance at 43000 levels and then 43500 levels. Traders can buy nifty around 18150 levels with the stop loss of 17800 for the target of 18600 levels, and also go for buy at 41650 with the stop loss of 40900 levels for the target of 43000 levels.
Rupee is also expecting to trade between 80.50 to 82 levels, falling forex reserves and rising crude oil prices may put pressure on rupee, but higher equity market and rising fiis investment may curb sharp depreciation in the rupee.
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