Nifty, Bank Nifty Prediction for 12th April to 17th April 2021, Momentum Stocks for Short to Medium Term Investments – Sterlite Technology, Gujrat Alkalies
Nifty and Bank Nifty Technical Outlook for the Week Starting 12th April 2021.
As updated in the previous week technical outlook markets remained volatile and consolidated in the range and are likely to consolidate in upcoming week with larger swings. We have updated 2 charts in previous week for educational purpose and JSW Steel which has moved from 508 & made a high of 639. We have projected JSW Steel first level of 631 and next level to 798 which is expected in upcoming weeks . Another stock we have updated at 595 which made a high of 695 and our projected levels are 720-750 which is expected to come in coming weeks. Earlier week we have projected Godrej Consumer Products move up from 710 and made a high of 748 & expected to give upward movement as explained in the charts in the upcoming weeks. Along with Godrej CP we have also updated charts of Asian Paints crossed the levels of 2535 to 2540 and made a high of 2668 & further expected to continue its momentum in upcoming weeks as explained in the charts.
Covid-19 cases resurgence is also a cause of worry and the spread of Covid-19 wave -2 is very high and Maharashtra declared many restrictions including lockdown in some of the cities followed by other states also following the same strategy. Govt is focusing on vaccination and vaccination drive will some what help in the spread of Covid -19 wave -2. Despite rising Covid – 19 cases and mortality rate in India markets are not giving up and probably this is because of the vaccine in place. India recorded 1.45 lakhs cases of Covid -19 +ve on 9th April 2021.
Global markets showing strength despite of Covid -19 resurgence worldwide especially US markets are at all time highs, As I mentioned in the past week report S&P 500 Index crossed 4000 levels first time and is at all time high at 4128, Dow Jones Industrial Average is also at its all time high and closed at 33800 levels.
All Global cues are positives our markets needs trigger last week bank nifty underperformed and is the reason nifty could not passed the 15K mark.
In this report we will be looking at the technical outlook on nifty and bank nifty and also updating 2 charts for the week which can give us the good returns in upcoming weeks.
Nifty Overview
Last week we have seen knee jerk reaction in markets and nifty after opening at 14837 made a low of 14459 fall of almost 400 points from the high and afterwards later the week nifty was able to recover and made a high of 14984 but failed to cross a 15K mark and closed a week at 0.26% lower at 14834.
Let’s have a look at Nifty Technical Charts as above, Nifty Daly and on 15 minutes charts updated very crucial levels and is waiting for fresh breakout or breakdown which can give us the direction for taking the trade decisions. So 15000 / 14785 are the make or break level for nifty on technical chart.
Bank Nifty Overview
Last week bank nifty become lackluster performer and remained weak for the whole week open at 33649 and made a high of 33697 and touched a low of 32141 and closed at 32448 with a loss of 1.02% compared with previous week.
Let us have a look at the Daily Chart & 15 minutes chart of Bank Nifty where in you can see that bank nifty is standing at very crucial & important support zone which is the make or break level for bank nifty and essentially will become the driver for nifty also. On the upside bank nifty needs to break above 32875 & 33260 so that we can see the fresh rally in bank nifty and bank nifty stocks so you can keep a watch on the above mentioned levels.
Momentum Stocks for Short to Medium Term Investments
- Sterlite technologies
Let’s have a look at the above technical chart of Sterlite Technologies – Technically the chart has given a bullish breakout and above 215-225 levels and closed above breakout zone and sustained and presently closed at 233. We can expect the continuation of upwards movement towards 280 levels in the upcoming weeks. Stop Loss for this trade can be placed at 205.
2. Gujrat Alkalies
Let us have a look at the above weekly chart of Gujrat Alkalies, the stock has come out of consolidation with strong volumes on charts which is a indication that the stock can move towards 481-563 & 623 levels in the upcoming months.
Disclaimer : – All the updates given here are only for Educational Purpose.
