Indian Stock Market Outlook - A new high is expected: As mentioned in our last report after a decent correction on last Monday both Nifty and Bank Nifty share price moved towards northwards. Both the indices after touching new high and closed on a positive note. Though rupee breached the historic low of 70 marks against the dollar last week but still Nifty share price could manage to gain a new high and end on a positive note. Sectors like Banks, FMCG, Metals along with MidCap were the top gainers last week.
A new high is expected in Nifty and Bank nifty share price both for the next week but one needs to be cautious and monitor closely next weeks domestic as well as global cues. One should closely monitor the global cues like OPEC meeting, FOMC meetings minutes, crude oil imports data in US and PMI data in Europe. Whereas in India, RBI forex reserve data is important and IT sector particularly Infosys to be in focus after the resignation of CFO, MD Ranganath.
Indian stock market outlook: Nifty and Bank Nifty future
Nifty future weekly outlook
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| Indian Stock Market Outlook -Nifty chart |
Primary Trend of Nifty Future: Long OHLC-(11374/11507.45/11354.05/11488.45)
Range Bound Trend: All up moves initiates Profit Booking (Sale) @ 11537, whereas all down moves initiate Short Covering (Buy) @ 11440
If Nifty future share price moves above 11507 then one should Buy with 1st Target of 11565 during the day or any point during the week by Trailing the Stop Loss from 11440-11476-11499-11536-11571-11593 for the Target of 11594-11630
If Nifty future share price moves below 11469 then one should Sell with 1st Target of 11411 during the day or any point during the week by Trailing the Stop Loss from 11536-11499-11476-11440-11404-11382 for the Target of 11362-11346
Bank Nifty future weekly outlook
Primary Trend of Bank Nifty Future: Long OHLC-(27890/28209.9/27827/28168.50)
Range Bound Trend: All up moves initiates Profit Booking (Sale) @ 28361, whereas all down moves initiate Short Covering (Buy) @ 27978
If Bank Nifty future share price moves above 28219 then one should Buy with 1st Target of 28365 during the day or any point during the week by Trailing the Stop Loss from 28054-28145-28200-28291-28381-28437 for the Target of 28438-28528
If Bank Nifty future share price moves below 28127 then one should Sell with 1st Target of 27980 during the day or any point during the week by Trailing the Stop Loss from 28291-28200-28145-28054-27964-27908
for the Target of 27908-27818
Happy Investing
Finogyan Advisory Team
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