Indian Markets Remain Range-bound this week

Nifty traded in a small range of 150 points for the week and closed above 11700 with a negative candle on daily and weekly chart. BANKING and AUTO stocks showed recovery from recent bottom vise versa IT & NBFCs corrected from their recent highs, due to election results range bound movement is still expected on INDEX whereas stock specific volatility is expected. Stocks like BATA INDIA, ADANI PORTS, WIPRO trading around their 52 weeks high can show correction from high levels, one need to be stay more cautious while taking stock specific position till election result announcement. Bull run is expected according to chart formation any dip should be taken as buying opportunity.

Nifty again seen trading in range of 11700-11825 from last couple of days facing its support around 11700, struggling to close above pivot point 11780. This range bound movement is expected till election results more over buying on dips around 11720 can considered to be the safe strategy as if now. also 11670 can act as a safe stop loss in the situation.

In trading session Nifty ends up in favor of bears due to Pharma, FMCG and Metal sectors, on the other hand Bank nifty outperformed as compared to Nifty and ended on a positive note with a green bullish candle, supporting sectors were PSU and private banks. IBULHSGFIN, NTPC, BHARTIARTL,ICICIBANK and YESBANK were top gainers, and losers are TCS, BRITANIA, TECHM, ADANIPORTS and HUL.

Sectors which are looking positive for next trading session are Energy and PSU Bank. If we talk about energy sector in last few trading session like NTPC,ONGC & POWER GRID are in positive momentum and given contribution to Nifty and we are positive in this sector for coming week. Apart from Energy sector PSU Banking is also showing strength in the market like CANBK, BANKBARODA, PNB etc. which is looking very positive for coming few trading session, concluding all this factor we are looking positive momentum in above sector for coming trading session.