Market opens on a slightly weak note but trend is bullish...

WEEKLY EQUITY BULLETIN FROM 17 JAN TO 21 JAN 2022

India's stock benchmarks rose for the fourth consecutive week, the longest winning streak since the week ended September 24, 2021, aided by gains in energy, realty, PSU banks, and metal stocks. The BSE Sensex closed above the 61,000, rising 1,478.38 points during the week to 61,223, while the Nifty settled at 18,255.75, up 443 points.

The BSE midcap and smallcap indices gained 2.4 percent and 3 percent. The majority of the sectoral indices witnessed positive returns, except FMCG (down 0.13%). On weekly basis, Nifty Energy (up 5.47%) and Nifty Realty (up 4.90%) saw renewed interest amongst market participants.

Domestic institutional investors (DII) are continuously buying but Foreign institutional investors (FIIs) have been the net weekly seller selling in the Indian equity cash market. During last week DII bought shares worth ₹ 3629.41 crore shares, while FII sold ₹ 4003.2 crores worth of shares.

Nifty Futures

On the weekly basis, the Nifty future has resistance around 18350, if it breaks and closes above 18350 will see an upside rally till 18800 and further to 19000 levels in upcoming trading sessions.

Major support around 17900, if it breaks & closes below 17900 will see sharp downside panic till 17500 and then to 17350 levels in upcoming trading sessions.

Intraday Levels

Nifty Future has resistance around 18350, breaks above 18350 will see intraday upside movement till 18500---18550 levels while Support around 18100, breaks below 18100 will see intraday sell-off till 18000---17900 levels on the Monday trading session.

Bank Nifty Futures

On the weekly basis, the Bank Nifty future has resistance around 39000, if it breaks and closes above 39000 will see an upside rally till 40100 and further to 40500 levels in upcoming trading sessions.

Major Support around 37850, if it breaks and close below 37850 will see downside fall till 37000 and further to 36750 levels in upcoming trading sessions.

Intraday Levels

Bank Nifty Future has resistance around 38600, breaks above 38600 will see an intraday upside movement till 38900---39000 levels while Support around 38200, breaks below 38200 will see intraday sell-off till 38000---37850 levels on the Monday trading session.

Weekly Top Pick Stock

Hindustan PetroleumCorporation Ltd.

Buy HINDPETRO FUTURE above 330 with a stop loss below 316 levels for an upside movement till 345---350 +++ levels in days to come.

Sumitomo Chemical India Ltd.

Buy SUMICHEM above 402 with a stop loss below 380 levels for an upside movement till 425----435 +++ levels in days to come. *T&C Apply...