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| Nifty and Bank Nifty Chart 25th-29th March |
Indian stock market ended in red and erased its earlier gains on last Friday after Fitch cut India’s GDP forecast. Fitch has cut India’s economic growth forecast for the next financial year to 6.8 percent from its previous estimate of 7 percent. During the week Sensex and Nifty index gained around 0.30 and 0.26 percent respectively whereas Bank Nifty rose 0.69 percent.
Last week the Indian stock market had four trading session, Thursday was a holiday on account of Holi. It was a dramatic week for the Indian stock market which has ended with high volatility on the last day. On Monday 18th March there was news of Hostile Takeover of MindTree by L&T then on Tuesday arrest of Nirav Modi in London and on Friday Fitch cut India’s growth rate.
On the global front US FED has indicated that there will be no rate hike this year. The uncertainties over Brexit deal and delay in trade talks between the US and China are two concern which is continued to impact emerging markets. The Indian rupee has gained 14 paise against the dollar on a weekly basis
Top Nifty 50 Stocks Gainer and Losers of the Week
| Nifty 50 Stocks-Top 5 Gainers of the Week | |||||
| Company Name | LTP (Rs ) | Prev Close (Rs ) | Change (Rs ) | Change (%) | 52 week H/L( Rs) |
| Hindalco Inds. | 209.10 | 199.05 | 10.05 | 5.05 | 267.80-182.20 |
| Indiabulls Hous. | 727.00 | 700.05 | 26.95 | 3.85 | 1,397.00-575.35 |
| Dr Reddy's Labs | 2751.30 | 2658.90 | 92.40 | 3.48 | 2,878.00-1,872.95 |
| Infosys | 743.10 | 718.55 | 24.55 | 3.42 | 772.25-551.00 |
| Yes Bank | 252.60 | 245.05 | 7.55 | 3.08 | 404.00-146.75 |
| Nifty 50 Stocks-Top 5 Losers of the Week | |||||
| Company Name | LTP (Rs ) | Prev Close (Rs ) | Change (Rs ) | Change (%) | 52 week H/L( Rs) |
| Maruti Suzuki | 6552.70 | 7084.00 | -531.30 | -7.50 | 9,929.00-6,317.70 |
| Eicher Motors | 21446.85 | 22612.35 | -1165.50 | -5.15 | 32,236.70-18,800.00 |
| Coal India | 231.95 | 244.35 | -12.40 | -5.07 | 303.45-211.40 |
| Hero Motocorp | 2603.30 | 2735.85 | -132.55 | -4.84 | 3,825.00-2,561.00 |
| B P C L | 378.95 | 396.30 | -17.35 | -4.38 | 454.50-238.55 |
Indian Stock Market Events & Expectation for Next Week
Next week monthly expiry of F&O segment is on Thursday 28th March, Indian stock market would remain volatile ahead of expiry. As per economic calendar, there is no big event scheduled for the next week. Foreign exchange reserve and Current account deficit data would be released on 29th March after market hours.
FIIs were strong buyers in this month so far, we may see some correction ahead of expiry. This is the last week of the current financial year and some amount of redemption by DIIs can likely to put some pressure on the market.
Technical Outlook of Nifty Future and Bank Nifty Future
Nifty Future Weekly Outlook
Nifty Future Primary Trend: Sideways (Corrective)
Nifty Future Range Bound Trend: All Up moves initiates Profit Booking (Sale) @ 11590
whereas all Down moves initiate Short Covering (Buy) @ 11310
If Nifty Future moves above 11528 then you should Buy with 1st Target of 11625 during the day or any point during the week by Trailing the Stop Loss from 111425- 11500- 11615- 11725- 11795 FOR the Target of 11625- 11795-11885-11995
If Nifty Future moves below 11420 then you should Sell with 1st Target of 11265 during the day or any point during the week by Trailing the Stop Loss from 11590- 11510- 11445- 11335- 11225- 11175 FOR the Target of 11265- 11150-11060-10950
Bank Nifty Future Weekly Outlook
Bank Nifty Future Primary Trend: Sideways (Corrective)
Bank Nifty Future Range Bound Trend: All up moves Initiates Profit Booking (Sale) @ 29990, whereas all Down moves Initiate Short Covering (Buy) @ 29200
If Bank Nifty Future moves above 29710 then you should Buy with 1st Target of 29992 during the day or any point during the week by Trailing the Stop Loss from 29615- 29730- 29842- 30030- 30120 FOR the Target of 29992- 30150- 30240
If Bank Nifty Future moves below 29580 then you should Sell with 1st Target of 29200 during the day or any point during the week by Trailing the Stop Loss from 29690- 29575- 29325- 28990 FOR the Target of 29200-28990-28830
Conclusion:
The technical analysis of Nifty and Bank Nifty chart is looking downwards to sideways for the next week. The Continuous FIIs inflow and appreciation in the Indian rupee against the dollar can improve the sentiment of the Indian stock market. DII’s are the net sellers in the last two months. Being the last week of the financial year we can see some redemption by the DIIs which can put some pressure in the stock market. Traders are advised to remain cautious while trading in this week or wait for a healthy correction.
Also, read the article Best Stock Market Mobile App for Investing
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Finogyan Team
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