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1. Technical View (Equity)
Weekly call
Index CMP % up/dn S2 S1 P R1 R2
Nifty 11,643.45 0.40% 11550 11595 11625 11675 11705
Sensex 38767.11 0.41% 38450 38610 38715 38870 38980
Bank Nifty 29938.55 0.51% 29590 29765 29880 30055 30175
Nifty Weekly Chart
Comments:
Nifty started the week on a flat note and remained in narrow trading range (11710-11550) throughout
the week. Nifty closed at 11643 with a loss of 23 points on a weekly basis.
On the weekly chart index has formed a small bearish candle forming lower High-Low compare to
previous week indicating negative bias. Since past couple of weeks, index is consolidating within 11760-
11560 levels representing short term sideways trend. The index is moving in a Higher Top and Higher
Bottom formation on the daily as well as on weekly chart indicating sustained up trend. The chart
pattern suggests that if Nifty crosses and sustains above 11710 level it would witness buying which
would lead the index towards 11780-11830 levels. However if index breaks below 11540 level it would
witness selling which would take the index towards 11440-11350. At current levels Nifty continues to
hold and sustain above its 20 day SMA (11562) support hence it remains a crucial level to watch for.
Nifty continues to remain in an uptrend in the medium term, so buying on dips continues to be our
preferred strategy. For the week, we expect Nifty to trade in the range of 11710-11400 with mixed bias.

2. The weekly strength indicator RSI is moving upwards and is quoting above its reference line indicating
positive bias. However momentum oscillator Stochastic has turned negative from the overbought zone
indicating a possible consolidation or a down move in the near term
The trend deciding level for the day is 11625. If NIFTY trades above this level then we may witness a
further rally up to 11675-11705-11755 levels. However, if NIFTY trades below 11625 levels then we may
see some profit booking initiating in the market, which may correct up to 11595-11550-11515 levels
Bank Nifty Weekly Chart
Bank Nifty started the week on a positive note however profit booking at higher levels led index to close
on weak note. Bank Nifty closed at 29939 with a loss of 146 points on a weekly basis.
For the second consecutive week index has extended its profit booking forming a bearish candle on the
weekly chart, Bank Nifty has formed lower High-Low compare to previous week indicating negative
bias. The index is moving in a Higher Top and Higher Bottom formation on the weekly chart medium
term bullish trend. The chart pattern suggests that if Bank Nifty crosses and sustains above 30240 level
it would witness buying which would lead the index towards 30600-30780 levels. However if index
breaks below 29640 level it would witness selling which would take the index towards 29400-29150. On
the daily chart, Bank Nifty has closed below its 20 day SMA (29918) indicating negative bias in the short
term. Bank Nifty continues to remain in an uptrend in the medium term, so buying on dips continues to
be our preferred strategy. For the week, we expect Bank Nifty to trade in the range of 30250-29400 with
mixed bias.
The weekly strength indicator RSI is moving upwards and is quoting above its reference line indicating
positive bias. However momentum oscillator Stochastic has turned negative from the overbought zone
indicating a possible consolidation or a down move in the near term

3. The trend deciding level for the day is 38715. If BANK NIFTY trades above this level then we may witness
a further rally up to 38870-38980-39135 levels. However, if BANK NIFTY trades below 38715 levels then
we may see some profit booking initiating in the market, which may correct up to 38610-38450-38345
levels
STOCKS IDEAS FOR THE DAY
Company
Name
BUY/SELL CMP Stop Loss Target
MFSL BUY Above 442 438 446/450
SYMPHONY BUY Above 1405 1395 1418/1427