Global Markets closed on the mixed bias on Friday. Nasdaq almost closed flat and Dow Jones traded with negative bias.
In India, there have been significant improvements in recovery rates of COVID Patients.
Trading Setup for Nifty50
Nifty50 crossed its important resistance levels i.e. 10150 and closed at day high. We can expect the momentum to continue.
The important level to watch is 10330, once crossed we can easily climb to 10550.
Reliance, Bajaj Finance, Maruti, HDFCBank were top gainers and witnessed a huge rise in volumes on Friday. In fact, all these stocks contributed significantly to the Nifty50 movement.
Maruti & Bajaj Finance, Bajaj Finserv closed well above their crucial resistance.
Support Levels: 10150, 10020, 9950
Resistance Levels: 10330, 10550
Trading Setup for Bank Nifty
Bank Nifty has outperformed Nifty last week and the same momentum should continue for this week as well.
ICICI Bank, HDFCBank, and SBI were top-performing banks last week. All 3 closed above their resistance levels and reflected huge buying in the cash market.
There are high chances BankNifty will touch 22000, 22500 this week itself.
BankNifty Resistance: 21400, 21800, 22200
BankNifty Support: 21000, 20600
FIIs Position
FIIs have created a fresh long position in Index and also increased long positions in stock futures as well.
FIIs were net buyers in the cash market after heavy selling of almost 8 trading days.
Therefore we can expect a new high in Nifty & BankNifty.
Stocks to Watch
PSU banking space and PSU stocks performed well last week. We can see momentum to continue in stocks like BEL, SBI, Coal India & PNB.
PNB posted results after market hours. Asset quality improved and its losses narrowed.
ICICIBank, Bajaj Finance, Bajaj Finserv and Maruti should be under your watchlist for coming week.
Results This Week
Info Edge, Asian Paints, Berger Paints, Indian Bank, Page Industries, Union Bank of India, GAIL, General Insurance of India, India Cement, IOC, PFC, Prestige Estates, Apollo Hospital, Ashok Leyland, Bank of India, HAL, ICRA, Coal India, Emami, HUDCO, Glenmark Pharma, IFCI, IRCTC, ITC, Oil India and NHPC.
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