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Forecast

NIFTY

Nifty indicated another “Bearish Engulfing” candle formation on the daily chart within 6 days breaching below the important 22000 zone decisively weakening the bias and sentiment with overall approach maintained cautious as of now. The index witnessed heavy profit booking and has now the next crucial support of 21750- 21800 zone which needs to be sustained to keep the hopes alive for sustaining and continuation of the upward trend. The support for the day is seen at 21800 level while the resistance would be seen at 22100.

BANKNIFTY

Banknifty also witnessed heavy profit booking to indicate a big bearish candle further weakening the bias moving below the significant 50EMA zone of 46200 level. The index has turned the bias weak and has got the next major support near the important 200 period MA of 45000 levels. Banknifty would have the daily range of 45300-46400 levels.

Stock Ideas with Trend Reversal

Negative :- ADANI PORTS, AMBUJA CEMENT, ASHOK LEYLAND, AUBANK, BANDHAN BANK, CHOLAFIN, DELTA CORP, EICHER MOTORS, GODREJCP, GODREJ PROP, IBULLHSG, ICICI BANK, INDIGO, IRCTC, MAITHANALL, MCX, NCC, PRAJIND, RAMCO CEMENT, SUN TV, TATA CONSUMER, UNION BANK, WABAG, WOCKPHARMA

Crossover above 200 daily MA

FOCE INDIA, GOKUL AGRO, HILTON METAL, WEIZMANN, BROOKFIELD IND, R SYSTEMS INTL , METRO

Crossover below 200 daily MA

PRECISION CAM, SECUR CRED, IVP, HITACHI HOME, AARTI DRUGS, KAKATIYA CEMENT, NAZARA, SHREYANS IND, ELIN ELEC, HEG, SATIA

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