Back to back bearish sessions continues in the market...

WEEKLY EQUITY BULLETIN FROM 24 TO 28 JAN 2022

After a positive start for the week on January 17, the Indian benchmark indices remained under selling pressure for the next four session’s in the week ended January 21 in line with weak global markets amid concern over tightening monetary policy with rising US treasury yield, crude prices, which led to continued FIIs selling.

In the last week, BSE Sensex shed 2,185.85 points (3.57 percent) to end at 59,037.18, while the Nifty50 fell 638.55 points (3.49 percent) to close at 17,617.2 levels. Broader indices, the BSE Midcap index declined 4.3 percent, while Smallcap indices lost 3 percent, after hitting a fresh high during the week.

Among sectors, the BSE Information Technology index lost 6.5 percent, the BSE Telecom index fell 5.8 percent and the Nifty Pharma index shed 5.2 percent. However, the BSE Power index added 2.6 percent.

Nifty Futures

On the weekly basis, the Nifty future has resistance around 17850, if it breaks and closes above 17850 will see an upside rally till 18200 and further to 18350 levels in upcoming trading sessions.

Major support around 17500, if it breaks & closes below 17500 will see sharp downside panic till 17150 and then to 17000 levels in upcoming trading sessions.

Intraday Levels

Nifty Future has resistance around 17700, breaks above 17700 will see intraday upside movement till 17800---17850 levels while Support around 17500, breaks below 17500 will see intraday sell-off till 17400---17350 levels on the Monday trading session.

Bank Nifty Futures

On the weekly basis, the Bank Nifty future has resistance around 38250, if it breaks and closes above 38250 will see an upside rally till 39000 and further to 39500 levels in upcoming trading sessions.

Major Support around 37000, if it breaks and close below 37000 will see downside fall till 36300 and further to 35900 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---38100 levels while Support around 37300, breaks below 37300 will see intraday sell-off till 37100---37000 levels on the Monday trading session.

Weekly Top Pick Stock

Buy HDFC FUTURE around 2580 with a stop loss below 2500 levels for an upside movement till 2700---2750 +++ levels in days to come.

Buy INDHOTEL above 214 with a stop loss below 200 levels for an upside movement till 235----240+++ levels in days to come. *T&C Apply...