The market sentiment took a thrashing last trading week after the Reserve Bank of India announced more measures to curb liquidity. The central bank has taken a lot of measures in order to stem the slide in the rupee. While the rupee has sort of stabilised, the stock market has borne the brunt.
It was quite an lively week for the Nifty and the Bank Index from a technical analysis perspective. While the Nifty reversed right at the key resistance level, the Bank Index has slipped below its prior swing low, confirming the bearish undertone.
The Nifty fell below the minor swing low at 5,910, indicating that the short-term trend is bearish. A fall to the immediate support at 5,600-5,650 appears likely. Unless the Nifty gets above 6,100, the path of least resistance would be on the way down. The technical set-up in the Bank Index lends credence to the bearish Nifty view.
Stock market update:- on Friday market nifty closed down 21.30 points or 0.36% at 5886.20. it was touched high levels 5944.50 and touched low levels 5869.50. the BSE Sensex closed down 56.57 points or 0.29% at 19748.19. it was touched high levels 19907.45 and touched low levels 19699.76. the BSE Midcap and Smallcap down nearly 1 per cent.<
Tomorrow on Monday share market trading call and sure market trading tips:-
BUY SunPharma with targets 1130/1140 Stop loss 1100
BUY Tata Steel with targets 222/224/225 Stop loss 112
BUY Maruti Suzuki with targets 1390/1400/1410 Stop loss 1355
BUY JSW with targets 565/570/575 Stop loss 540
BUY Tata Steel with targets 222/224/226 Stop loss 214
BUY Dr. Reddy’s with targets 2330/2340/2350 Stop loss 2280