Market Outlook for Next Week
Nifty: 2.63%
Bank Nifty: 3.96%
Technical and Fundamental Outlook: Nifty which was oversold bounced back this week. Nifty was very volatile this week, but ended up inching up higher. Many oversold stocks too bounced back. The correction seems to be ending in sectors such as auto, private banks, financials and FMCG. Nifty took support around 10200 and faced resistance around 10600. These two levels will act as crucial support and resistance in the coming week.
Is the correction over? That question still remains as fundamentally the stocks are still highly valued, but technically market finds very good support at levels of 10000. If the earnings improve at faster pace then it might support the market other wise the correction is still overdue.
VIX is yet to suggest the end correction by easing down further and volatility decreasing.
Bank Nifty too had a good bounce back. Bank nifty finds strong support at 24000 and strong resistance around 25800. This week it bank nifty might trade in this range any break of the range will lead to further move or down side.
Bank Nifty: 3.96%
Technical and Fundamental Outlook: Nifty which was oversold bounced back this week. Nifty was very volatile this week, but ended up inching up higher. Many oversold stocks too bounced back. The correction seems to be ending in sectors such as auto, private banks, financials and FMCG. Nifty took support around 10200 and faced resistance around 10600. These two levels will act as crucial support and resistance in the coming week.
Is the correction over? That question still remains as fundamentally the stocks are still highly valued, but technically market finds very good support at levels of 10000. If the earnings improve at faster pace then it might support the market other wise the correction is still overdue.
VIX is yet to suggest the end correction by easing down further and volatility decreasing.
Bank Nifty too had a good bounce back. Bank nifty finds strong support at 24000 and strong resistance around 25800. This week it bank nifty might trade in this range any break of the range will lead to further move or down side.
Stock Picks For Next Week
Stock Name
|
CMP
|
Above/ Below
|
Target 1
|
Target 2
|
Stop Loss
|
Motherson Sumi
|
238
|
245
| 265 |
285
|
220
|
Kotak Bank
|
1167
|
1200
| 1270 | 1350 |
1100
|
Yes Bank
|
245
|
255
| 270 | 290 |
230
|
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