Stock market weekly report for 19 to 23 Dec. 2016

Nifty future pre budget rally is coming

Nifty future pre budget rally is coming??

Nifty future this week closed with loss. In truncated week, nifty remain under pressure and seeing profit booking from investors. Nifty in this week given 125 points swing and closed near week low. From my technical view, nifty future below 8280 remain weak and bearish. But nifty is showing resilience to selling near 8100 which is positive sign and suggesting strong possible reversal short covering rally in next 1-2 weeks. For Indian stock markets, Santa rally might come in January series. For next week, nifty future remain buy and accumulate at support of 8100 and 8000. While on upside 8280 is my first major target zones. Breakout above 8280 means nifty pre-budget rally for my major swing target 8640. For long term investors, this is best buy opportunity for long term target of 8888. Above 8155 expect nifty to remain bullish for longer terms. Banknifty future bottomed out-time to big buy

Banknifty future bottomed out-time to big buy!!

Banknifty future this week closed at 18336 with loss. This week we saw 500 points range in banknifty future and index future is consolidating near 18200.   For next week, my banknifty future outlook is bullish and trading strategy will be buy on dips for big move. As expected below 19k banknifty remain under pressure and given swing low up to 17980 while our bearish swing target was at 17750. But now price pattern as well as major indicators suggesting bottoming out process and time to reversal rally.   For next week, banknifty major support as well as buying levels will be 18250 and 18000 while on upside 18750 and 19020 are target zone. 19k is major swing target for positional long traders. Watch for big breakout above 19k for next swing target of 19800 in January series.   For long term investors, 18880 is major hurdle and level to watch on weekly closing basis. Above it my long term target is at 20800 which might be seen in 2017.

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Pramod Baviskar

Professional Market Trader And Owner Of Dalal Street Winners Advisory And Coaching Services. Working Since 2007 And Online Presence Since 2010. We Provide Highly Accurate And Professional 1 Entry And 1 Exit Future, Option, Commodity, Currency And Intraday Stock Tips On Whatsapp With Live Support And Follow Up.

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