Now the market is again forming a setup for the fresh bull run...

WEEKLY EQUITY BULLETIN 11 APRIL TO 13 APRIL 2022

Buyers are again back in the form after a three-day fall run on Friday after the RBI policy. The Nifty gained 145 points to settle at 17,784 and the BSE Sensex also jumped 412.23 points or 0.70% at 59,447.18 as both the indices had hit intra-day highs of 59,654 and 17,843, respectively.

ITC ended as the top gainer as it advanced 4.7 percent on the Sensex index and hit a 52-week high of Rs268.80. The stock of the cigarettes to fast-moving consumer goods (FMCG) major has rallied 24 percent in the past six weeks. On the sectoral front, the Nifty Metal index was the biggest gainer, rising 2 percent. Meanwhile, the Nifty IT index ended a wee bit in the red.

Meanwhile, the Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) on Friday has decided to keep the repo rate unchanged in its first bi-monthly policy meeting of FY23. This is the 11th time in a row that the central bank has maintained a status quo on the key policy rate.

Nifty Future

On the weekly basis, the Nifty still looks positive and trading in a bullish zone. Now Nifty has major support around 17600, if it breaks and closes below 17600 then it will test 17400-17300 levels in days to come.

Now near hurdle around 18000, if Nifty able to close above 18000 then we will expect fresh upside move till 18200-18350 levels in upcoming sessions.

Intraday Levels

Nifty Future has support around 17750, breaks below 17750 will see intraday downside movement till 17650---17600 levels while resistance around 17950, break above 17950 will see intraday upside move till 18000-18100 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 taken support at good levels and now near Resistance around 38200, if it breaks and trades above 38200 will see an upside rally till 38600 and further to 39000 levels in upcoming trading sessions.

Major Support around 37400, if it breaks and close below 37400 will see downside fall till 37000 and further to 36800 levels in upcoming trading sessions.

Intraday Levels

Bank Nifty Future has resistance around 38050, breaks above 38050 will see an intraday upside movement till 38200 levels while Support around 37700, breaks below 37700 will see intraday sell-off till 37500---36400 levels on the Monday trading session. Buy on dips will be a good opportunity for the traders.

Weekly Top Pick Stock

Buy GAIL above 164. Stop-loss 159. Target-170-174. *T&C Apply...