Bank Nifty ended lower for the consecutive week, it lost 5.3% from the recent high. However it swiftly recovered from lower levels and ended above 34500. Bank Nifty formed a long legged candle, positive follow-up through could lift it towards 35000.
FMCG index rallied for the straight fourth week, sustained up move indicates more room on the upside for FMCG space.
Metal index lost 12% from the prior month’s high, mild recovery might be there; however major move on upside is unlikely.
Buy near 825
Stop loss 810
With sustained move above important averages, the stock has resumed its uptrend. Sustenance above 820 could lift the stock towards uncharted territory.
Buy near 148
Stop loss 144
The stock continued its consistent up move, intraday decline found support near 145. Positive follow-up through could unwind further upside potential.
(Amit Trivedi, CMT, Technical Analyst – Institutional Equities, Yes Securities)