Weekly Stock Market Wrap Up - 20 - 24 September

NIFTY 50

Nifty closed on a positive note at 0.17% near 17853 levels on friday. The market breath was bearish with 20 advances against 30 declines.  FMCG, MEDIA, METAL, PHARMA  index ended the session on negative note while Nifty bank, AUTO, Financial services, IT, Realty ended the session in green zone.  

NIFTY BANK 

Niftybank closed on a positive note near 37830.30 levels.  ICICIBANK, hdfcbank, Kotak bank were top gainers while AUbank, IDFCFIRSTB, Bandhanbnk were top losers.
 
WEEKLY TOP3 GAINERS

WEEKLY TOP 3 LOSERS 

Weekly Chart- Nifty50

Prices have continued to make higher highs higher lows formation from the last eight weeks and formed a bullish candle on the weekly chart for a second consecutive week. As long as we do not see a decisive close below the prior bars low the trend remains positive. Momentum indicators like RSI and MACD to stay positive and market breadth to improve, further strengthening a short-term bullish outlook.

Nifty has shifted its support zone to 17250, so any dip near mentioned support zone will be again fresh buying opportunity with keeping stop out level below 17250 zone & if said levels are held we may see the index march towards 18k mark, resistance is still placed around 18,000 zone where traders can lock some of their long gains.

Nifty find support near 17250 while 18000 will act as a psychological resistance.

WEEKLY CHART- BankNifty

20-day period 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.

Banknifty support is placed near 36200 while on higher side 38200 will act as an immediate resistance.

CALL FOR THE WEEK:

CALL : BUY WESTLIFE ABOVE 577 SL 555 TGT 610

Description:

WESTLIFE has been moving higher recently and intact in strong uptrend. 

On the daily chart, in the previous session the stock formed a bullish candle. We can see rounding bottom pattern has formed. A close above 577 will confirm breakout of rounding bottom pattern. The stock is trading above the ichimoku cloud which indicates that the short term trend is bullish.

We have applied parabolic SAR which used to determine the price direction as well as draw attention to when the price direction is changing. A series of dots placed below the price which is deemed to be a bullish signal. Closest support is placed at 555.

In short, trend for this stock is positive. A break above 575 can lift price higher towards 610-615 as long as 555 holds on the upside.