Best Stock to Buy This Week

Best Stock to Buy Today:

CALL : BUY SPARC AT 266-268.50 SL 260 TGT 280

Stock Recommendation for the Week:

- SPARC ends with the big bullish candle, as well as gave breakouts of its important resistance with huge volumes and managed to close above it

- Prices had taken support from its slopping trend line which indicates buying in stock for coming session

About SPARC 

Sun Pharma Advanced Research Company Limited is engaged in the research and experimental development on natural sciences and engineering (Pharmacy). The Company operates through Pharmaceuticals Research & Development segment.

Market Performance Last Week

NIFTY 50

- Nifty closed with a gain of 0.20% near 15856 levels

- The market breath was bearish with 28 declines against 21 advances and 1 remains unchanged. Sectors ended the session in green territory are PSU and private Bank, Financial services, FMCG, IT, Metals, Pharma and realty, sectors closed in red zone are Auto and Media on Friday.

NIFTY BANK

- Niftybank closed with a gain of 1.03% near 35034.40 levels

- ICICIBANK, SBIN, FEDERALBANK, AXISBANK was top gainer while IDFC first bank, IndusInd bank were top losers

Top Gainers for the Week

Top Losers for the Week

Weekly Market Performance Chart- Nifty50

11-day period Exponential Moving Average is acting as a brilliant support line and it has provided support at regular intervals. This suggest that one should be in the direction of the ongoing trend as far as this line is protected and any pullback towards the same should be utilized as buying opportunity. 

Nifty find support near 15400 while 16000 will act as a psychological resistance.

Weekly Market Performance Chart - BankNifty

We have shown Bollinger bands as bands works best in a trading range markets. Prices are precisely moving between the middle and the upper end of the Bollinger bands. The Band has now turned flat and a break on either side on closing basis of the band will lead to a trending move.

Banknifty support is placed near 33900 while on higher side 36000 will act as an immediate resistance.