Another gap down move will expect from the market...

WEEKLY EQUITY BULLETIN FROM 14 FEB TO 18 FEB 2022

The BSE Sensex fell 492 points to 58,153 and the Nifty50 declined 142 points to 17,375, weighed down by FMCG, IT, infra, select banking & financials, and energy stocks. The broader markets were also caught in a bear trap where the maximum selling pressure was seen during the week. The Nifty Midcap 100 index declined 2.3 percent and Smallcap 100 index plummeted 4.5 percent.

FIIs have net sold more than Rs 5,600 crore worth of shares in the passing week, taking monthly outflow to over Rs 9,700 crore in February. On the contrary, domestic institutional investors have net bought Rs 3,562 crore worth of shares during the week gone by, taking total monthly buying to more than Rs 5,800 crore in February.

Nifty Futures

On the weekly basis, the Nifty future has resistance around 17800, if it breaks and closes above 17800 will see an upside rally till 18300 and further to 18500 levels in upcoming trading sessions.

Major support around 16900, if it breaks & closes below 16900 will see sharp downside panic till 16500 and then to 16250 levels in upcoming trading sessions.

Intraday Levels

Nifty Future has resistance around 17450, breaks above 17450 will see intraday upside movement till 17600---17650 levels while Support around 17250, breaks below 17250 will see intraday sell-off till 17100---17000 levels on the Monday trading session.

Bank Nifty Futures

On the weekly basis, the Bank Nifty future has resistance around 39500, if it breaks and closes above 39500 will see an upside rally till 40250 and further to 40800 levels in upcoming trading sessions.

Major Support around 38000, if it breaks and close below 38000 will see downside fall till 37200 and further to 36800 levels in upcoming trading sessions.

Intraday Levels

Bank Nifty Future has resistance around 38800, breaks above 38800 will see an intraday upside movement till 39100---39250 levels while Support around 38400, breaks below 38400 will see intraday sell-off till 38150---38000 levels on the Monday trading session.

Weekly Top Pick Stock

Tata Steel Limited

Buy TATASTEEL FUTURE around 1220---1210 with a stop loss below 1160 levels for an upside movement till 1350 +++ levels in days to come.

UTI Asset Management Company Ltd.

Buy UTIAMC above 910 with a stop loss below 830 levels for an upside target of 1020---1040+++ levels in days to come. *T&C Apply...