Bulls are again in commanding position...

WEEKLY EQUITY BULLETIN FROM 4 TO 8 APRIL 2022

After a short-term correction, we have seen a positive journey again and started off April series and financial year FY23 on a healthy note by reporting more a percent gains on April 1. A fall in oil prices as well as volatility, the cabinet's approval for mega power policy, and consistent buying by FIIs lifted sentiment.

Banks, financial services, auto, and FMCG stocks led the rally. The BSE Sensex climbed 708 points to 59,277, while the Nifty50 jumped 206 points to 17,670 and formed a bullish candle on the daily as well as weekly charts. During the week, the index gained 3 percent.

Sectorally, the Nifty PSU Bank index jumped 4 percent amid a surge seen in Union Bank, Bank of India, Canara Bank, and Bank of Maharashtra. The Nifty Bank, Private Bank, Media, Financial Services, Realty, and FMCG also gained in today’s trade.

Nifty Future

On the weekly basis, the Nifty looks bullish and trading in a bullish zone. Now Nifty has major support around 17500, if it breaks and close below 17500 then it will test 17400-17300 levels in days to come.

Now near hurdle around 17750, if Nifty able to close above 17750 then we will expect fresh upside move till 17900-18000 levels in upcoming sessions.

Intraday Levels

Nifty Future has support around 17600, breaks below 17600 will see intraday downside movement till 17500---17450 levels while resistance around 17750, break above 17750 will see intraday upside move till 17850-17950 levels on the Monday trading session. Buy-on dips around support will be a good entry for the traders.

Bank Nifty Future

On the weekly basis, Bank Nifty has given a resistance breakout and now near Resistance around 37400, if it breaks and trades above 37400 will see an upside rally till 37600 and further to 37800 levels in upcoming trading sessions.

Major Support around 36500, if it breaks and close below 36500 will see downside fall till 36200 and further to 36000 levels in upcoming trading sessions.

Intraday Levels

Bank Nifty Future has resistance around 37400, breaks above 37400 will see an intraday upside movement till 37550 levels while Support around 36800, breaks below 36800 will see intraday sell-off till 36600---36500 levels on the Monday trading session. Buy on dips will be a good opportunity for the traders.

Weekly Top Pick Stock

Buy INDHOTEL above 214. Stop-loss 208. Target-219-224. *T&C Apply...