With the disappoint from the Infosys quarterly result and future guidance the Indian market close the week with the loss of 25 point. The benchmark indices displayed the extreme high volatility during the week.
Last week started with clearly in favor of bears. On the first two three days of the week nifty tried to test the important support level of 5500 and made low of 5477 during the week. Then we saw a sharp bounce back of 133 points from the lower level nearly which coincides with the '89 weekly exponential moving average' placed at 5500 levels. Whereby once the market reached above the 5600 levels. However nifty faced strong resistance at 5595 / 5610 zone.
Further, on Friday IT heavyweight Infosys posted its last quarter number for financial year, which were much below to the expectations. As a result, the stock declined by more than 21% during the intraday trading session which eventually created weakness on the overall market sentiment.

Weekly technical chart update

The benchmark indices of 50 share Nifty lost 25 point on week on week basis. The nifty hit to a weekly high of 5610.65 and draw a low of 5477.2 on weekly chart. It opened at 5550.5 as compared to the before last week closing at 5553.25 on weekly basis.
The 30 share BSE Sensex lost -207.67 point on weekly basis to end the week at 18242.56. The BSE Sensex hit to a week high of 18599.14 and made a low of 18242.56. It start the week trade with level of 18455.8.
The pulse of the economy Bank Nifty shows some strength during the week, Along with we saw some positive momentum in banking shares. Bank Nifty hit to a high of 11442.9 and made a low of 10888.75. Bank nifty start the weekly trading with the level of 11075.85

In the Nifty-50 share basket 34 stocks ended with the positive return while the rest stocks closed with losses during the week ended 15-Apr. The top gainers among NSE Nifty 50 stocks are : JP Associates up by 9.80 %, followed by Ambuja Cement 8.32 %, Tata Motors 7.47 %, Lupin 7.40 %, DLF 6.05% and Cipla up by 5.15% on weekly closing basis. The top losers among NSE Nifty stock during the week are : Infosys down by 20.33 %, Tata Steel 2.92 %, Coal India 2.42%, Asian Paints 2.08 %, Mahindra and Mahindra 1.89 % and ONGC down by 1.75 % during the last week.

On the daily chart 12 stocks among the nifty 50 stock has formed to the pattern of bullish bar reversal and 3 stocks formed bearish bar reversal pattern.
Bullish bar reversal stocks are : Dr reddy followed by Powergrid, Ambuja cement, ACC, Bajaj Auto, Bank of Baroda, Bhel, Cairn, Hindalco, IDFC, SesaGoa, Tata Steel
Bearish bar reversal stocks are : M&M, Ranbaxy, Sun Pharma

Technical Level to Trade in Nifty :

If you think about to buy the nifty : Buy above 5611 for target 5660 to 5750
If you think about to sell the nifty  : Sell below 5477 for target 5440 to 5350

Positional Stock Trading Calls-Tips :

  • Buy PNB above above 722 target 750-760 stop loss 711
  • Buy IndusInd Bank above 408 target 425-430 stop loss 399 
  • Buy Bhel above 180.50 target 182-185 stop loss 179 (Only for Intraday)