Amit Trivedi, CMT, Technical Analyst – Institutional Equities, YES Securities:
Snapping a two-week-long profitable streak, the bulls took a pause final week. Nifty misplaced 3.5 per cent from its document peak, revisiting ranges of 14,900. The rally in Friday’s commerce remained short-lived, discovering stiff resistance close to 15,150. On the flip facet, promoting stress intensified because it broke beneath ranges of the earlier session’s low (15,078). Sustenance above 14,900 might appeal to some consolidation on the higher band, albeit a combined pattern is feasible amongst sectoral indices.
Shares-specific motion was the theme final week as about half of Nifty50 elements confronted down-ticks, whereas shares like ONGC, GAIL, NTPC and Energy Grid rose greater than 10 per cent.
In the meantime, Financial institution Nifty ended decrease for a fourth straight session. Observe-up motion must be intently watched as sustenance above 36,000 is important to maintain the near-term outlook optimistic. Throughout the banking area, PSU Financial institution outperformed considerably final week (up 11 per cent).
The steel index is holding floor at a multi-year excessive zone. Constructive follow-up motion might appeal to additional momentum on the upside.
Purchase IDFC close to Rs 52-51.5
Goal: Rs 59
Cease loss: Rs 48
With a sustained transfer above short-term averages, the inventory has witnessed a optimistic breakout via the latest consolidation. Constructive follow-up motion might proceed the continuing rally.
Purchase CDSL close to Rs 565-570
Goal: Rs 620
Cease loss: Rs 545
All through the previous week, the inventory defended the degrees of Rs 550. The looks of a bullish candle on a relatively greater quantity warrants a optimistic outlook for CDSL.