Cool climbed to a new record of 15,836 on Friday. The Nifty started with a gap-up, however the leading index erased the initial gains, eventually forming an indecisive candle as the Nifty finished at 15,799, 62 points above the previous close. By shifting the range higher, levels of 15,650 can result as the immediate floor, whereas a hold above 15,800 can unlock more potential upside in the index, up to 15,880-15,970 levels.
Taking advantage of the three-week winning streak, Nifty Bank lost 0.8 percent last week. A sustain above 35,000 is needed to regain positive momentum.
FMCG Index rebounded for the third week in a row and is likely to continue a rally for specific stocks within this space.
Purchase close to Rs 1370
- Stop loss: Rs 1340
- Target price: Rs 1430
In recent weeks, the stock has been rising gradually, the appearance of a bullish candle indicates immediate support near Rs 1.350 and a short-term rebound may continue on the counter towards the Rs 1.430 zone.
Purchase close to Rs 650
- Stop loss: Rs 630
- Target price: Rs 690
A decisive advance above the recent high could mean a range shift on the upside.
(Amit Trivedi, CMT, Technical Analyst – Institutional Actions, Yes, Securities)