Weekly Stock Market Wrap Up - 20th September

NIFTY 50

Nifty closed on a negative note at 0.25% near 17585.15 levels on friday. The market breath was bearish with 15 advances against 34 declines and 1 remain unchanged.  FMCG, IT, Metals, Pharma, PSU Banks, Realty index ended the session on negative note while Auto, Financial services, Media, private banks ended the session in green zone. 

NIFTY BANK

Nifty bank closed on a positive note near 37811.95 levels.  Kotakbank, hdfcbank, axisbank were top gainers while PNB, BANDANBNK, IDFCFIRSTB were top losers. 

Weekly Top 3 Gainers (13th Sept - 17th Sept)

Weekly Top 3 Losers (13th Sept - 17th Sept)

Weekly Chart- Nifty50

For Nifty ended the day with red candle on daily chart but on weekly chart nifty formed bullish candle. On daily chart it formed a dark cloud-cover sort of candle pattern buyers push the price higher at the open, but sellers take over later in the session and push the price sharply lower. This shift from buying to selling indicates that a price reversal to the downside could be forthcoming.

Although on weekly time frame it ended the weekly session on positive but we can expect some fight between bulls and bears, every dip would be a buying opportunity.

Nifty find support near 17250 while 17800 will act as a psychological resistance.

Weekly Chart - BankNifty

RSI plotted on the weekly time frame, remains above the 50 mark and is drifting higher, indicating the bulls are trying to maintain their hold on the index. Prices had given breakout of its resistance zone and managed to close above it which further indicates buying in coming session.

Banknifty support is placed near 36150 while on higher side 38500 will act as an immediate resistance.

Call For The Week:

CALL : BUY RELIGARE ABOVE 175 SL 165 TGT 185 or higher levels.

Description:

RELIGARE has been moving higher recently and intact in strong uptrend. In the previous session it closed with a gain of 1.96%.

On the daily chart, in the previous session the stock formed a bullish candle. We can see rounding bottom pattern has formed. A close above 175 will confirm breakout of rounding bottom pattern. Price is trading above the ichimoku cloud which indicate that the short term bias is bullish.

On the hourly chart, parabolic SAR which used to determine the price direction as well as draw attention to when the price direction is changing. A series of dots placed below the price which is deemed to be a bullish signal. Closest support is placed at 165.

In short, trend for this stock is positive. A break above 175 can lift price higher towards 183-185 levels as long as 165 holds on the downside.