Nifty heading towards 18500 and Bank Nifty towards 40000...

WEEKLY EQUITY BULLETIN FROM 18 OCT TO 22 OCT 2021

The market created history in the week ended October 14, with the Nifty50 surpassing 18,000 and the BSE Sensex scaling above the 61,000 mark as the mood at Dalal Street remained upbeat for the second consecutive week.

The benchmark indices ended at fresh record closing highs. The BSE Sensex scaled above the 61,000 mark for the first time, rising 1,246.89 points or 2.08 percent to end at a record closing high of 61,305.95, while the Nifty50 finally crossed the much-awaited 18,000 levels and continued uptrend till 18,350 levels, before closing at 18,338.55 with 443.35 points or 2.48 percent gains.

The broader markets also traded in line with frontline indices as the BSE Midcap index was up 3.34 percent and Smallcap index gained 1.92 percent.

Nifty Future

On the weekly basis, Nifty has Resistance around 18500, if it breaks and closes above 18500 will see an upside rally till 18850 and further to 19000 levels in days to come.

Major support around 18000, if it breaks & closes below 18000 will see sharp downside panic till 17700 and then to 17500 levels in days to come.

Intraday Levels

Nifty Future has resistance around 18370, breaks above 18370 will see intraday upside movement till 18450---18500 levels while Support around 18250, breaks below 18250 will see intraday sell-off till 18200---18160 levels on the Monday trading session.

Bank Nifty Future

On the weekly basis, Bank Nifty has Resistance around 39850, if it breaks and trades above 39850 will see an upside rally till 41000 and further to 41500 levels in upcoming trading sessions.

Major Support around 38200, if it breaks and close below 38200 will see downside fall till 37500 and further to 36900 levels in upcoming trading sessions.

Intraday Levels

Bank Nifty Future has resistance around 39500, breaks above 39500 will see an intraday upside movement till 39700---39850 levels while Support around 38800, breaks below 38800 will see intraday sell-off till 38600---38500 levels on the Monday trading session.

Weekly Top Pick Stock

Buy JSWSTEEL FUTURE above 705 with a stop loss below 685 levels for an upside movement till 730----775 +++ levels in days to come.

Buy LAURUSLABS above 658 with a stop loss below 630 levels for an upside movement till 690----700 +++ levels in days to come. *T&C Apply...