In the past week,nifty staged significant upmove on hopes from newly appointed RBI Governor Raghuram Rajan to uplift the sinking Indian economy and imminent diesel price hike to levels of 5650 after testing lows around 5330 on Syria concerns.
Nifty has almost achieved the target which was placed around 5650-5680 after the breakout above 5510 levels on September 2, 2013 based mainly on a significant upmove in Bank Nifty from levels of 8700-8800 to 9600-9700 on the back of major movers like AXIS BANK,ICICI BANK,,INDUSIND BANK,YES BANK and PSU heavyweight STATE BANK OF INDIA.
For the coming week, targets for Nifty being already accomplished and highest call base being present at 5700 call strike,nifty may face stiff resistance near those levels.Highest put base is placed at 5300 strike.Although short-term trend is up and momentum oscillators on positive,the possibility of sideways movement or a correction can not be ruled out.So traders need to be careful building heavy long postions after a 7-8% of move.
Traders should wait for some correction before entering the markets.In banking space PUNJAB NATIONAL BANK (PNB) can be a good bet for the coming sessions as it has broken above trading range and has closed above those 444-445 levels.Targets could be around 485-490.
Nifty has almost achieved the target which was placed around 5650-5680 after the breakout above 5510 levels on September 2, 2013 based mainly on a significant upmove in Bank Nifty from levels of 8700-8800 to 9600-9700 on the back of major movers like AXIS BANK,ICICI BANK,,INDUSIND BANK,YES BANK and PSU heavyweight STATE BANK OF INDIA.
For the coming week, targets for Nifty being already accomplished and highest call base being present at 5700 call strike,nifty may face stiff resistance near those levels.Highest put base is placed at 5300 strike.Although short-term trend is up and momentum oscillators on positive,the possibility of sideways movement or a correction can not be ruled out.So traders need to be careful building heavy long postions after a 7-8% of move.
Traders should wait for some correction before entering the markets.In banking space PUNJAB NATIONAL BANK (PNB) can be a good bet for the coming sessions as it has broken above trading range and has closed above those 444-445 levels.Targets could be around 485-490.
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