During the week under review, the Nifty index despite slipping below its psychological level of 11,700 levels it managed to rebound at a later session. The Nifty index closed weekly session at 11,712.25 levels, down by about 0.4 percent on a weekly basis.
The Nifty index formed a small bearish candlestick pattern on weekly price chart while it formed ‘doji’ kind of pattern for consecutive period daily price chart indicating indecision, among traders.
However, the momentum indicator continued to signal a positive divergence with its weekly RSI 67-odd levels and MACD continued to trade above its signal line.
The weekly resistance for the index is now seen at 11,850 levels while support is placed at 11,550-11,480-odd levels.
Expectations from the week:
The Indian equity market is expected to remain largely in a sideways direction as we approach the election outcome.
Further, a sudden surge in crude oil price on supply constraint due to end of sanction waiver and depreciation in rupee is likely to pose challenges for Nifty index to break above earlier high-level.
We continue to remain focused on selective opportunities only for long-position and expect a rangebound target on a weekly basis at 11850 levels on upside and 11480 levels on the downside.
Here is a list of top three stocks which could give 3-5% return in the next 1 month:
Best Equity Tips For Tomorrow: 7th of May (Tuesday)
CASH BUY WIPRO ABOVE 294 TGT 300/305 SL 289
CASH BUY INFY ABOVE 722 TGT 730/740 SL 710
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