Market Outlook for Next Week
Weekly Gain/ Loss
Nifty: -215 (2.41%)
Bank Nifty: -417 (2%)
Technical Outlook: Nifty breaks out of crucial psychological resistance of 9000 and continues to hold on above 9000 indicating a very strong bullish momentum.
Considering VIX which is at multiyear low, it suggest that market is definitely headed for a correction in short term.
Considering support which comes in at 9000, which means nifty can still correct 160 points from the current levels to find support at 9000.
In 2-5 month term Nifty might test 9500-9700
Bank Nifty too broke above 21000. Bank nifty too has chance of witnessing a correction. Crucial support for Bank nifty comes around at 20800, which means that bank nifty can still come down upto 2%.
Nifty: -215 (2.41%)
Bank Nifty: -417 (2%)
Technical Outlook: Nifty breaks out of crucial psychological resistance of 9000 and continues to hold on above 9000 indicating a very strong bullish momentum.
Considering VIX which is at multiyear low, it suggest that market is definitely headed for a correction in short term.
Considering support which comes in at 9000, which means nifty can still correct 160 points from the current levels to find support at 9000.
In 2-5 month term Nifty might test 9500-9700
Bank Nifty too broke above 21000. Bank nifty too has chance of witnessing a correction. Crucial support for Bank nifty comes around at 20800, which means that bank nifty can still come down upto 2%.
Stock Picks For Next Week
Stock Name
|
CMP
|
Above/ Below
|
Target 1
|
Target 2
|
Stop Loss
|
HindZinc
|
313
|
325
| 340 |
355
|
318
|
Ajanta Pharma
|
1796
|
1825
| 1875 |
1900
|
1780
|
Bajaj Finance
|
1157
|
1200
| 1250 |
1270
|
1170
|
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