IGI Logo

NIFTY TECHNICAL OUTLOOK

In March, the Bears led the rally while the Nifty experienced a breakdown of cluster support at 17,200 and extended downfall up to 16,830 mark.

Although the sentiment on D-Street was cautious, the stocks were performing well and a pullback rally was observed, driving the Nifty in an upward direction.

Currently, the Nifty is trading in Downward sloping channel, took the support of downward trend line and shown a pull back rally suggesting potential up move in near term.

On technical ground. Nifty has a immediate resistance at 17,400 mark. Any move above 17,400 mark we may witness positive move towards 17,600/17,700. On flip side 17,000 will act as a strong support.

The overall view is cautious, pull back rally cant be denied after such a fall. Market participants are advised to be stock-specific and stay light with any major long positions.

BANKNIFTY :-Technically, the Bank Nifty has an immediate Support at 40,400. Any move below 40,400 on closing basis may extend its fall towards 39,900/39,500. On the flip side, resistance is placed at the 41,000 level. From then on, the Bank Nifty may see some pull back rally towards 41,400-41,800 levels.

TECHNICAL STOCK PICK

PETRONET BUY– CMP Rs 230.20

Technically, Quarterly chart suggest that stock is in the verge of giving breakout of the Pennant pattern suggesting potential up move.

Daily chart indicates that stock is trading above all the important moving averages suggesting potential up move in near term .

Interesting fact is that stock is on the verge of showing positive RSI crossover.

BUY PETRONET above 230.20, ADD on dips at 220 for a Target of Rs 270 with a strict stop loss of Rs 210

TECHNICAL STOCK PICK

GODREJCP BUY– CMP Rs 966

Monthly chart suggests that stock is forming a pennant pattern, and a breakout of downward sloping trend line.

GODREJCP will witness an up move in near term. GODREJCP is well placed above all it’s important moving averages.

Technically, stock has ,made a formation of a flag pattern on its daily charts. Momentum indicator ,RSI shows positive crossover in its Monthly charts.

GODREJCP BUY above 966, ADD on dips at 940 for a Target of Rs 1070 with a strict stop loss of Rs 925.

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://www.nirmalbang.com/disclaimer.aspx
SEBI Registration number is INH000001766

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer