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Nifty 

Technical View

* The index started the week on a positive note and continued consolidation in a narrow band. Finally, the index settled the week on a marginally positive note at 18028.

* Technically, the index on a weekly scale has formed a doji candlestick pattern. However, the index is constantly facing trend line resistance on a daily scale and finding it difficult to sustain above the 34-days exponential moving average. Thus, for the short term, 18150 will act as first hurdle for the index followed by 18283, where the 50- day simple moving average is placed.

* The index has formed a strong base in the range of 17750-17800. As long as index holds this base, buy on dips strategy can be adopted for the index.

* The RSI on the daily scale is forming higher lows, suggesting strength. However, it is placed below centre point, which is a point of concern.

* For the short term, 17800 and 17750 will act as support points, whereas 18150 and 18300 will act as resistance points

Bank Nifty

* The index had a good start to the week but was unable to go over the recent swing barrier. Because of that, the index ended the week at 42507 with a slight gain.

* Technically, the index on a weekly scale has formed a hammer like pattern close to the 21-weeks exponential moving average. However, on a daily scale, the index is forming a symmetrical triangle pattern. The upper trend line resistance of a triangle pattern is placed near 42850. Moreover, 50 DSMA is placed close to 42835. Thus, 42850 will act as a key hurdle for the index. If the index manages to close the hurdle of 42850, then it could test 44000-45000 levels.

* On the downside, the index has formed multiple support zone around 41800 and 41500, which will serve as major support points for the index in the short term.

* The RSI on the daily scale is placed just below the centre point.

* For the short term, 41800 and 41500 will act as support points, whereas 42850 and 44000 will act as resistance points.

Marico LTD

CMP (506.85) ; Target: 530 ; Stop Loss: 488

The stock has seen open interest addition of 9.00% along with positive price action indicating long build-up. The stock can be bought in the range of 502-504 with a stop loss of 488 on closing basis for a target of 520-530.

Indus Towers Ltd

CMP (171.20 ; Target:162 Stop Loss: 180 

The stock has seen open interest addition of 29.39% along with negative price action indicating short build up. The stock can be sold in the range of 173-175 with a stop loss of 180 on closing basis for a target of 166-162

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