Bears looks more dominating for the upcoming sessions...

WEEKLY EQUITY BULLETIN 25 APRIL TO 29 APRIL 2022

Market lost nearly 2 percent in a highly volatile week. The mixed earnings by corporates, rising bond yields, Russia-Ukraine conflict, high inflation, and anticipation of an aggressive rate hike of 50bps by the US Fed in May dampened the investor sentiment.

The Sensex declined 1,141.78 points to end at 57,197.15, while the Nifty 50 declined 303.65 points to end at 17,172 levels. and formed bearish candles on the daily as well as weekly charts.

Among the sectors, Nifty IT lost 5.6 percent and the Nifty Media index fell 4 percent. The Nifty PSU Bank and Nifty Bank indices lost nearly 4 percent each. However, the Nifty Auto index added 3 percent, Nifty Energy and Oil & Gas indices rose 2.4 percent each.

Nifty Future

On the weekly basis, the Nifty looks slightly weak and trading in a lower zone. Now Nifty has major support around 16900, if it breaks and close below 16900 then it will test 16800 and more weakness will come on close below 16800 levels till 16500 levels in upcoming sessions.

Now near hurdle around 17400, if Nifty able to close above 17400 then we will expect fresh upside move till 17550-17600 levels in upcoming sessions.

Intraday Levels

Nifty Future has support around 17050, breaks below 17050 will see intraday downside movement till 16980---16900 levels while resistance around 17250, break above 17250 will see intraday upside move till 17350-17400 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 in a red zone. Now near Resistance around 36700, if it breaks and trades above 36700 will see an upside rally till 37000 and further to 37300 levels in upcoming trading sessions.

Major Support around 35500, if it breaks and close below 35500 will see downside fall till 35000 and further to 34800 levels in upcoming trading sessions.

Intraday Levels

Bank Nifty Future has resistance around 36400, breaks above 36400 will see an intraday upside movement till 36700 levels while Support around 35900, breaks below 35900 will see intraday sell-off till 35700---35500 levels on the Monday trading session.

Weekly Top Pick Stock

Sell M&M Fin below 175. SL-181. Target-170-167. *T&C Apply...