Market looks slightly weak due to fresh restrictions in the country...

WEEKLY EQUITY BULLETIN FROM 27 DEC TO 31 DEC

Equity markets posted a gradual recovery during the closing part of the week after witnessing a big selloff. Nifty index outperformed the Bank Nifty index by ~2% with the former closing ~0.1% higher, while the latter closed ~2% lower.

Bank Nifty index continued to trade in a lower top lower bottom chart structure, indicating a sell on the rise trading structure.

IT stocks surged higher during the week with stocks like Infosys, Tech Mahindra & Coforge adding fresh long positions. In the last session, FIIs sold equities worth Rs 715 crore, and DIIs bought equities worth Rs 43.24 crore.

Nifty Future

On the weekly basis, the Nifty future has resistance around 17200, if it breaks and closes above 17200 will see an upside rally till 17400 and further to 17600 levels in upcoming trading sessions.

Major support around 16800, if it breaks & closes below 16800 will see sharp downside panic till 16600 and then to 16400 levels in upcoming trading sessions.

Intraday Levels

Nifty Future has resistance around 17100, breaks above 17100 will see intraday upside movement till 17200---17300 levels while Support around 16900, breaks below 16900 will see intraday sell-off till 16800---16750 levels on the Monday trading session.

Bank Nifty Future

On the weekly basis, the Bank Nifty future has resistance around 35550, if it breaks and closes above 35550 will see an upside rally till 36000 and further to 36400 levels in upcoming trading sessions.

Major Support around 34400, if it breaks and close below 34400 will see downside fall till 34000 and further to 33600 levels in upcoming trading sessions.

Intraday Levels

Bank Nifty Future has resistance around 35200, breaks above 35200 will see an intraday upside movement till 35400---35600 levels while Support around 34700, breaks below 34700 will see intraday sell-off till 34400---34200 levels on the Monday trading session.

Weekly Top Pick Stock

Buy FSL Future around 179 with a stop loss below 169 levels for an upside movement till 188-194+++ levels in days to come.

*T&C Apply...