Again a gap down opening will expect for the week...

WEEKLY EQUITY BULLETIN 18 APRIL TO 22 APRIL 2022

Equity indices ended lower on all the three sessions of the holiday curtailed week, with the Nifty slipping below 17,500 on April 13. Soaring inflation, elevated oil prices, and correction in banking, financial services, and auto stocks weighed on the market on April 13.

The Sensex declined 237 points to 58,339, while the Nifty fell 55 points to 17,476 and formed bearish candles on the daily as well as weekly charts. The Nifty declined 1.7 percent during the week.

Nifty Future

On the weekly basis, the Nifty looks negative and trading around the support zone. Now Nifty has major support around 17400, if it breaks and close below 17400 then it will test 17200-17050 levels in days to come.

Now near hurdle around 17700, if Nifty able to close above 17700 then we will expect fresh upside move till 17900-18000 levels in upcoming sessions.

Intraday Levels

Nifty Future has support around 17400, breaks below 17400 will see intraday downside movement till 17250---17100 levels while resistance around 17550, break above 17550 will see intraday upside move till 17650-17700 levels on the Monday trading session. Sell on rise around resistance will be a good entry for the traders.

Bank Nifty Future

On the weekly basis, Bank Nifty is trading around support. Now near Resistance around 38000, if it breaks and trades above 38000 will see an upside rally till 38500 and further to 39000 levels in upcoming trading sessions.

Major Support around 37400, if it breaks and close below 37400 will see downside fall till 37000 and further to 36800 levels in upcoming trading sessions.

Intraday Levels

Bank Nifty Future has resistance around 37800, breaks above 37800 will see an intraday upside movement till 38000 levels while Support around 37400, breaks below 37400 will see intraday sell-off till 37100---36900 levels on the Monday trading session.

Weekly Top Pick Stock

Buy ONGC above 175. SL-170. Target-180-184. *T&C Apply...