Published on February 17, 2014
Weekly Commentary 2/17/2014 Technical View of Indices Nifty Once again our Nifty trading strategies were profitable and Nifty traded within the levels which we had specified last week. In This Issue We will be covering technical view of Nifty and BankNifty for the coming week as well Even though Nifty is still expected to trade within a range, bias as give trading strategies for has turned positive. these indices to come out on Let us evaluate Nifty’s weekly chart in detail to check out important levels and formulate trading strategy: the top and minimize losses. We will also be giving some stock recommendations on the basis of technical analysis. As can be seen from the daily chart, Nifty is still trading in a range but now important levels have become 6125 and 5980. Good buying came into the market before Friday closing at 5985 levels. This usually suggests Nifty may show some up move in the initial part of next week. Keeping this in mind, our trading strategy for the coming week will be: a) We will recommend going long in Nifty rather than going short. Go long at current levels of Nifty or on any fall towards 6000 with stop loss of 5970 with TG1 of 6120 and TG2 of 6200.
b) If Nifty breaches 5970, go short with target 1 5950, target 2 5930 and target 3 5880 with stop loss 5995 Always remember to keep stop losses while trading in order to minimize losses and always book profits at suggested levels or keep trailing stop losses to maximize returns. Bank Nifty BankNifty has formed a strong support level of 10000 and bias has turned positive. Let us evaluate its chart to formulate trading strategy for this week: a) Strength is returning to banks after a long down run. Go long in banknifty with target 1 of 10450. Any breach of this resistance will take Banknifty to 10700-10750 levels. Trade with a strong stop loss of 9980. b) Go short if BankNifty breaches 9900 for target 1 9800 and target 2 9600 with stop loss at 10000 level. c) 9600 acts as very good support level. Go long on any fall to this level. Stock Picks Very important: Remember to trade with no more than 2 lots at one time. Whenever you buy or sell a stock, remember to place a stop loss immediately. This ensures mental preparedness.
Also, our research and recommended levels ensure that you get good risk to reward ratios. Therefore, please ensure that you do not enter the stock if it is not in our suggested price range. Secondly, always make sure that you book some profits at different target levels and start placing trailing stop losses as per your comfort levels. Last Week’s Picks Our first pick of DLF opened outside our trading range and our call didn’t get initiated. IDEA Cellular moved according to our analysis and we booked profits on all target levels and closed our call. This Week’s Picks 1. Our first pick for the week is AXISBANK. Stock has shown good support at 1100 levels. Current Market Price: 1103 Recommended Action: Go Long in 1100-1110 range Stop Loss Price: 1095 Target 1: 1130 Target 2: 1160 Target 3: 1195 Timeframe: 2-3 days 2. Our second pick is Housing Development Finance Corporation (HDFC). Go Long at 770-775 levels with stop loss at 760 TG1 780, TG2 795, TG3 805 Timeframe: 2-3 days Disclaimer: This document has been prepared by technical analysis team of Marwah Financial®. This document is prepared for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. The user assumes the entire risk of any use made of this information. Each recipient of this document should make such investigations as it deems necessary to arrive at an independentevaluation of an investment in the securities of companies referred to in this document including the merits and risks involved. The investments discussed or views expressed may not be suitable for all investors.
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