BSE Index : (66,684) Friends, B.S.E. The index opened the whole week higher at 66,148 against its previous weekly close of 66,061 after touching a normal low of 66,015 and after touching its previous weekly close of 66,619 after touching an all-time high of 67,619 closed at a higher level of 66,684 on the last day of profitable selling, showing an improvement of 623 points over 061. The stock witnessed typical volatility during the week. Sentiment declined on the last day of the week on expectation of quarterly results of heavyweights like Infosys, Hind Uni Lever. Jio Financial’s exit from Reliance also had a negative impact, while bank stocks took a big hit. Overall stock-specific flows look stable to cautious with higher volatility towards the end of the week.
Now if we consider the overall movement of the index in terms of charts… Loan will see a fall to 63,600 and 61,500 keeping a stoploss of 57,000. The above volatility will see correction towards 71,400, 76,250, 76,850 and 84,100.
Now, if we consider the movement of the index for the next week, we will see a profitable selloff near 66,832 and an important resistance level of 66,983-67,007. Keep a stoploss of 67,280 for sell. Lower levels will have an opening low of 66,398-66,344, which is an important support where buying support will be seen. After breaking 66,344, downside will be seen towards 66,160-66,114 and 66,044. Maintain a stoploss of 66,000 in the total loan. A move above 67,280 would see a correction to 67,750.
Nifty July futures: (19,776) will see profitable selling near 19,796 and bounce off key resistance level of 19,847, sell stop at 19,900. The initial low of the lower level will be 19,678. An important endorsement to keep in mind. A break of 19,678 would lead to a low of 19,610-19,597. 19,597 to maintain stoploss in overall debt. In the worst case, 19,597 will be broken and p.c will be seen at 19,496. After moving above 19,900, correction will be seen at 19,996 and 20,037.
Bank Nifty July futures: (46,108) will trade lower near 45,982 and take key support at 45,858. 45,665 for keeping stoploss in the loan. Keep in mind the resistance levels of 46,242 and 46,360 above. Crossing 46,360 will see initial correction to 46,534-46,600 and 46,670-46,738. Crossing 46,738 under favorable conditions will see further correction towards 47,000 and 47,200.
ICICI Bank: (997) 989 off and 981 will lose significant support. Put a stoploss of 972 in the loan. An initial correction to 1,013 will be seen above. Crossing 1,013 would see a sharp correction to 1,070.
State Bank: (615) near 609 and key support of 604 will be seen weakening. Maintain a stoploss of 598 in the minus. The initial correction to 627 will be seen above. Crossing 627 will see further correction till 642.
MFSL: (802) 810 rise will see profitable selling. Place a stoploss of 816 in the cell. Lower will see a drop towards 778 and 760.
SBI Life: (1,291) will be a profitable sell at 1,312. Keep a stoploss of 1,323 for sell. Lower levels will see a fall towards 1,258 and 1,235.
Aurobindo Pharma: (779) 771 will go down. Maintain a stoploss of 765 in the long side. Above 796 and above it a correction to 823 will be seen.
Glenmark Pharma: (753) 743 and 737 will be less Rs. Put a stoploss of 723 in the loan. A close above 768 and above 813 will see a bullish correction.
Bharti Airtel: (886) 880 will be down. Maintain a stoploss of 875 in the loan. Above 900 and above it, 913 and 933 will see correction.
Dixon Tech: (4,177) will see a profitable sell at 4,241. Keep a stoploss of 4,277 for sell. On the downside, a fall will be seen towards 4,122 and 4,028.
