Buy these two stocks for gains; Nifty may fall to 16500 if it breaks 16800 support levels

Banks have been trading in the past four weeks, indicating a shift in direction. (Photo: REUTERS)

Author Rohan Patil

The Bears continued to thrive for a second straight week and sold best on any top tick in all categories except. alifty pharma. Benchmark on the weekly chart closed below the four-quarters level and also witnessed closing below the 11-week low, indicating a strong stock gain or a first-quarter correction.

At daily prices closed below all requirements and for the first time since June 20 prices have been closed below the 100-day exponential move average, which can be seen as a danger sign for beloved cattle traders.

The aftermath of the break in the low index of the bearish flag also gave the impression of a bearish pennant after two days plus a few days a day. The Momentum oscillator RSI (14) stands at 31 points with a bearish crossover but still has enough room to move down after a slight pull.

Also since the last few weeks he has seen excessive sales from FIIs and is also a major reason for Nifty’s collapse.

Most stocks are in relatively small stock markets or sharp returns can expect the next few shares. The latest support for Nifty50 is set at around 16800 and if prices fall below these levels above 16500 it will be the next level of control. The long-term resistance of trees is around 17600 levels. If prices close above 17600 for sure then the gate opens at 18000 levels.

After Bank Nifty launched its bearish candlestick last October the prices were rallied and closed three times a week. Banks have been trading in the past four weeks, indicating a shift in direction.

On the larger time chart, the index has caused a slight decrease in strength and the oversold meeting will not be able to represent the upcoming divisions. Essential weekly support is in the range of 35000-34630 while the highest resistance is around 37800-38200. If the index manages to cross 38200 at the close, we can see the northward to 39500 and below, if the index closes below 34630, we can see another fall to 34000 odd areas.

CMP: Rs 1669 | Target of Rs 1810 | Stop Losing Rs 1585 | Return 08.50%

The prices have been sold in combination since six months ago and have formed a line resistance at 1660 levels.

ADANIENT has come out of the rectangle on a weekly basis on the scale of 1670 on 11 Nov and the trees have registered a definite explosion that shows a shift in trend from side to side. In recent times, the counter is performing better than the benchmark index and is holding tightly above its support base.

CMP: Rs 43.70 | Target of Rs 50.50 | Stop Losing Rs 40 | Bring 15.50%

UNION BANK has once again demonstrated its support and completed its bullish reversal over the weekend. Prices are holding high above the 100-week moving average and the oscillator RSI (14) count above 50 levels.

(Rohan Patil is a Technical Analyst at the Bonanza Portfolio. Views expressed by the author. Please consult your financial advisor before making money)

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