Nifty & Bank Nifty Weekly Technical Outlook for 06th Apr, 2015

Last week, we discussed about three possible scenarios which could take place, and Nifty maintained to stay float above 8269 levels. On 7th April RBI monetary policy would be announced and moreover market participants are expecting one another rate cut in this policy, now it is difficult to judge and say that how market reacts based upon the announcements, status-quo in the policy turns out to be disappointment, or market takes it lightly and move in its own rhythm. Now let’s take a look at what charts are suggesting.

nifty weekly technical analysis 06 april'15


  • First and foremost, Nifty entered into a phase of correction, and now it is unlikely to see some sharp moves in coming days. So coming days are likely to remain grinding, and for traders it becomes difficult to take decision and hold upon to their position. For example, on last Wednesday market keep on moving higher, but because of previous days experience traders may remained little skeptical, as fear of market turning back anytime was high.
  • Technically, Nifty managed to move and sustained above its 100-DEMA, but still it may find resistance from its 50-DEMA near 8620 levels, and not to forget that 8627 was another previous major swing high of the Nifty. So one need to keep watch on this levels.
  • In the last session, some pullback came in Bank Nifty, however one need to say how it reacts between 18700-18850 zone, where cluster of resistances are placed.
  • Pharma which remained subdued in the beginning of the week, witnessed buying interest in the last session, and there are couple of stocks which are looking attractive even for medium to long term perspective.

It seems that, in the coming week stocks from across the sector will remain in focus, rather than Nifty, because all eyes would be glued on 7th and you never know, if surprise comes early.

Nifty level specific- One need to look at 8630-8650 level, It seems Bulls will get stronger above this level, and stop loss should be based on your trading style, because practical stop loss is placed near 8460 levels.

Stocks on radar – Axis Bank, Yes Bank, SBIN, LT, HDFC Bank, Biocon, ITD Cementation, Amrutanjan, MRPL, Marico Kaya, SKS Micro, Godrej Ind.

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