Weekly Analysis 31st Dec 2022
S.no Sector Remarks
1 Nifty Closed at 18105 up by 300points, last week’s low of 17780 was breached by only 5 points and then market reversed. All the sector’s participated in reversal except pharma. Weekly & monthly Tf is still not bullish but daily TF is showing signs of reversal. Now this index should not close below 18000 else next leg of downward rally will be fast. On upside if 18264(fri high) is crossed then 18323, 18385, 18500 will be resistance to watch out. On downside below 18000, 17800, 17636, 17550 will be imp levels to watch out. Need to keep eye on HDFC twins (HDFC ltd & HDFC bank) coz both are consolidating for 7 weeks now, Either side momentum can make or break NIFTY 50 & Banknifty.
2 Nifty Bank Closed at 42986, tested low of 41569 recovery in this index helped overall market. Daily closing above 43622 will take this to 44000 which will be tough resistance to crack. Above 43622, 44000, 44300, 44400, 44575,44850 will be levels to watch out for. On weekly TF this index is making higher high & higher low structure so till the time 41650, 40800 are not breached there is nothing much to worry. So put alert for level and once these levels are breached, book all position in bank stocks
3 Nifty PSU bank Closed at 4318, made low of 3843 and reversed. Banknifty and PSU bank making similar structure and now weekly closing above last week’s high of 4409 will bring momentum. Personally, I would like some correction in this index to initiate fresh trade, current levels are not good risk reward wise. Upside levels 4575,4760, 4870, down side support levels 3815, 3522, 3366. Around 3480/3500 index level we can initiate longs in PNB, Bank of Baroda, IOB
4 Nifty Auto Closed at 12611, took support at 12140 and then up around 400 points over last week close. Now this index should give 2 consecutive daily close above 12759 else this is sell on rise index for me as of now. On upside 12885 will be the tough battle to win for bulls, on down side 11800/12000 will be the crucial support levels. Escorts at 1800, TVS at 960, M&M around 975/1000 levels will be great buy. Put alerts for these prices in your system so that you dont miss out on opportunity
5 Nifty IT Closed at 28621, made low of 28209. On weekly TF this index has made inverted hammer, which is not good sign, till 28000 is intact nothing to worry below this 26313 will be the support. But sell off in Nasdaq is putting lot of pressure on our Indian IT stocks also. INFY around 1363/1400, TCS around 2973 will be great bargain. Currently wipro structure is looking good, above 398, 415, 425 looks possible
6 Nifty Infra Closed at 5252, took support at 5138. upside target of 5300 achieved now we should wait for 4979, 4882 levels to initiate longs
7 Nifty Pharma Closed at 12597, as mentioned last week also this index is not very bullish, around 12057 levels we can initiate long term bets in CIPLA, Drreddy, sunpharma etc. Wait n Watch sector
8 Nifty Metal Closed at 6723, took support from 6194 and gave good up move. China increasing tariff on their steel exports gave momentum to our metal stocks. Now 2 daily close above 6804 can take this index to 6900/6960.I will avoid this sector for fresh long as I am not interested in news driven growth
9 Nifty FMCG Closed at 44171, took support at 44057. On weekly TF made bearish candle and below this week’s low of 44057, 43650 can be tested which will be good place to enter in Top FMCG stocks. On upside 44960,45228, 45400 will be the levels to watch out. ITC at 314, HUL at 2466, tata consumer at 748 will be good place to initiate longs
10 Midcap & Small cap Midcap closed at 31509, took support at 30000 and gave nice upmove of 1500 points. Personally, I got many scripts at very good price and booked out of some. Now 31944 is imp resistance to watch out for above which another leg of rally can come on down side 30000 is imp support. If not entered in last week’s fall, wait for another round of selling to enter good midcap stocks. Small cap closed at 9731, took support at 9100, above 10000 we can expect some fireworks. I would recommend to keep booking or locking profit in both the indexes as i am not fan of V shape recovery
11 Nifty Energy Closed at 25869, made low 24665 and reversed. On upside 26325, 26700, 27000, are imp levels, on down side 24760, 24260 are very important support levels. Reliance around 2370 is good place to go long although as of now reliance structure is not bullish
1 Nifty Closed at 18105 up by 300points, last week’s low of 17780 was breached by only 5 points and then market reversed. All the sector’s participated in reversal except pharma. Weekly & monthly Tf is still not bullish but daily TF is showing signs of reversal. Now this index should not close below 18000 else next leg of downward rally will be fast. On upside if 18264(fri high) is crossed then 18323, 18385, 18500 will be resistance to watch out. On downside below 18000, 17800, 17636, 17550 will be imp levels to watch out. Need to keep eye on HDFC twins (HDFC ltd & HDFC bank) coz both are consolidating for 7 weeks now, Either side momentum can make or break NIFTY 50 & Banknifty.
2 Nifty Bank Closed at 42986, tested low of 41569 recovery in this index helped overall market. Daily closing above 43622 will take this to 44000 which will be tough resistance to crack. Above 43622, 44000, 44300, 44400, 44575,44850 will be levels to watch out for. On weekly TF this index is making higher high & higher low structure so till the time 41650, 40800 are not breached there is nothing much to worry. So put alert for level and once these levels are breached, book all position in bank stocks
3 Nifty PSU bank Closed at 4318, made low of 3843 and reversed. Banknifty and PSU bank making similar structure and now weekly closing above last week’s high of 4409 will bring momentum. Personally, I would like some correction in this index to initiate fresh trade, current levels are not good risk reward wise. Upside levels 4575,4760, 4870, down side support levels 3815, 3522, 3366. Around 3480/3500 index level we can initiate longs in PNB, Bank of Baroda, IOB
4 Nifty Auto Closed at 12611, took support at 12140 and then up around 400 points over last week close. Now this index should give 2 consecutive daily close above 12759 else this is sell on rise index for me as of now. On upside 12885 will be the tough battle to win for bulls, on down side 11800/12000 will be the crucial support levels. Escorts at 1800, TVS at 960, M&M around 975/1000 levels will be great buy. Put alerts for these prices in your system so that you dont miss out on opportunity
5 Nifty IT Closed at 28621, made low of 28209. On weekly TF this index has made inverted hammer, which is not good sign, till 28000 is intact nothing to worry below this 26313 will be the support. But sell off in Nasdaq is putting lot of pressure on our Indian IT stocks also. INFY around 1363/1400, TCS around 2973 will be great bargain. Currently wipro structure is looking good, above 398, 415, 425 looks possible
6 Nifty Infra Closed at 5252, took support at 5138. upside target of 5300 achieved now we should wait for 4979, 4882 levels to initiate longs
7 Nifty Pharma Closed at 12597, as mentioned last week also this index is not very bullish, around 12057 levels we can initiate long term bets in CIPLA, Drreddy, sunpharma etc. Wait n Watch sector
8 Nifty Metal Closed at 6723, took support from 6194 and gave good up move. China increasing tariff on their steel exports gave momentum to our metal stocks. Now 2 daily close above 6804 can take this index to 6900/6960.I will avoid this sector for fresh long as I am not interested in news driven growth
9 Nifty FMCG Closed at 44171, took support at 44057. On weekly TF made bearish candle and below this week’s low of 44057, 43650 can be tested which will be good place to enter in Top FMCG stocks. On upside 44960,45228, 45400 will be the levels to watch out. ITC at 314, HUL at 2466, tata consumer at 748 will be good place to initiate longs
10 Midcap & Small cap Midcap closed at 31509, took support at 30000 and gave nice upmove of 1500 points. Personally, I got many scripts at very good price and booked out of some. Now 31944 is imp resistance to watch out for above which another leg of rally can come on down side 30000 is imp support. If not entered in last week’s fall, wait for another round of selling to enter good midcap stocks. Small cap closed at 9731, took support at 9100, above 10000 we can expect some fireworks. I would recommend to keep booking or locking profit in both the indexes as i am not fan of V shape recovery
11 Nifty Energy Closed at 25869, made low 24665 and reversed. On upside 26325, 26700, 27000, are imp levels, on down side 24760, 24260 are very important support levels. Reliance around 2370 is good place to go long although as of now reliance structure is not bullish
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