After last week's correction, benchmark indices resumed their northward journey. Nifty gained 1.4% for the week to close at 11930, which is the highest weekly close since the week ended 20th February, 2020, making it an eight month high. Broader market outperformed, with Nifty mid-cap and small-cap indices rising 3.1% and 2.6% respectively. Except 2.6% lower Pharma index and 0.1% cut in IT index, all the sectoral indices of NSE closed higher for the week. Realty index was the best performer, up 9.3%, followed by 4.9% higher Metal index.
Coming back to Nifty, 12025, the top made last week, which roughly coincides with the 12018 top made this week, continues to be immediate hurdle to eye. A crossover of this hurdle would mark a breakout from an ascending triangle formation. The target of this pattern breakout will be around 12400. Before 12400, 12246, the top made in February 2020, would be the intermediate target. On the way down, 11775, the low made during the week, is the immediate support. If this support breaks, 11661, the bottom made last week, would be the crucial support to eye. Meanwhile, trading longs should be held on to with the stop-loss of 11775.
Banknifty (CMP: 24478): 25232, the top made in August, is the upside target as well as resistance to eye. 23900 is the immediate support on the hourly chart, upon breach of which, 22970, the bottom made in mid-October, would be the next important support to eye. Meanwhile, long positions can be held on to with the stop-loss of 23900.
NIIT LIMITED (CMP: 137.40): After making a top of 147.90 in mid-September, NIIT has been in a consolidation mode for more than a month. After this consolidation, the stock has broken out from an ascending triangle formation on its daily chart. The stock can be bought at current rate for the target of 147.90. The stop-loss should be placed at 130.80.
ZYDUS WELLNESS (CMP: 1851.40) ZYDUS WELLNESS, on Friday, broke out of a downward sloping trendline resistance on its daily chart with good volumes. The stock should be bought at current rate for the target of 1950. The stop-loss should be placed at 1807.
BLUE DART (CMP: 3250): BLUE Dart broke out on its hourly chart on Friday with good volumes. The stock can be bought at current rate for the target of 3450. The stop-loss should be place at 3115.
ASAHI INDIA (CMP: 231.25): The stock, after a consolidation of two months, is on the verge of a breakout from a trendline resistance on its daily chart. The stock can be bought above Friday's high of 233.65 for the target of 250. The stop-loss should be placed at 222.
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