STRATEGIES:- Last week Nifty again made new all time high of 9673, at last Monday Nifty opened at 9560 and after making low of 9547 it hold this level for whole week and finished at 9653. Capital Goods, Housing Finance and Finance share was the strong
movers of Nifty while according to daily chart Volatility is decreasing while it has evening star pattern on daily chart so in next session we can see intraday correction where 9570-9580 will be good level for buy for target 9700 9800.
STRATEGIES: As compare to Nifty bank nifty was weak in previous week because of Private and PSU banks not giving rally simultaneously and it created ascending triangle on daily chart for that we can see around 300 points rally after breakout but around 23650-23700 bank nifty may test strong resistance so we advise to sell on rise around 23600-23650 for target of 23150 22600 with stop loss of 24050.
In May expiry we saw strong correction in NCCLTD from 102 to 78 but from lower level it given strong bounce back and in previous week it finshed at 88.60 with strong bullish sign as well as it is respecting to 100&200dma so we advise to buy it around 85-84 for target of 89 95 with stop loss of 80.
Last week YESBANK future show good strength whole week and made a high of near 1500 it’s strong resistance level and last session of previous week future given positive return and close with bullish candlestick in weekly chart. and since last session it rose with rising OI in long side, It’s indicate stock sharp run up ahead. We expect sharp run up ahead for that it will be good to buy above 1500 for the target of 1540-1575 with SL of 1450
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