SENSEX.
Sensex opened the week at 12284, made a high of 12284, made a low of 10239 and closed the week at 10527, thus registering a weekly loss of 1999 points. The indicators are now extremely oversold and we can expect a strong technical dead cat bounce. But by no means the bottom is confirmed. The Sensex has a likely target of 9895-9449. For the week ahead the Resistance is at 10746-10975-11405-11721. Support is at 10239-9951-9895-9449.
Sensex opened the week at 12284, made a high of 12284, made a low of 10239 and closed the week at 10527, thus registering a weekly loss of 1999 points. The indicators are now extremely oversold and we can expect a strong technical dead cat bounce. But by no means the bottom is confirmed. The Sensex has a likely target of 9895-9449. For the week ahead the Resistance is at 10746-10975-11405-11721. Support is at 10239-9951-9895-9449.
NIFTY.
Nifty opened the week at 3817, made a high of 3821, low of 3198 and closed the week at 3279. The weekly loss was 539 points. The OI PCR is a poor 0.73 and this suggest the markets are extremely oversold. Call writing is the order of the day as Call writing is increasing at the Nifty strikes of 3500-3600. The Nifty is following a Bearish Head and Shoulder pattern and is on the way to achieve target of 3041-2931. The 61.8% Retracement level of the entire Bull market is also at 2997.For the week ahead, the Resistance is at 3394-3505-3627. Support is at 3198-3119-3041-2997-2931.
Nifty opened the week at 3817, made a high of 3821, low of 3198 and closed the week at 3279. The weekly loss was 539 points. The OI PCR is a poor 0.73 and this suggest the markets are extremely oversold. Call writing is the order of the day as Call writing is increasing at the Nifty strikes of 3500-3600. The Nifty is following a Bearish Head and Shoulder pattern and is on the way to achieve target of 3041-2931. The 61.8% Retracement level of the entire Bull market is also at 2997.For the week ahead, the Resistance is at 3394-3505-3627. Support is at 3198-3119-3041-2997-2931.
THIS WEEK’S RECOMMENDATIONS:
SELL VSNL 417 SL 434 TGT 393-380.
SELL HERO HONDA 815 SL 842 TGT 793-785.
SELL PNB 460 SL 471 TGT 451-443-437.
SELL HUL 221 SL 231 TGT 213-200.
SELL LUPIN 621 SL 639 TGT 593-572.
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