On the technical front, Nifty 50 is showing emergence of a bullish trend in the short term. 15550 is likely to be the support level this week. 15950 is likely to be the resistance level. For the Nifty Bank Index, support this week is likely to occur at 34500; resistance is likely to be at 35400. Nifty Midcap 100 is also giving out a slight bullish pattern for the near term. Nifty Commodities Index is giving a bearish pattern, on the other hand. So short positions can be initiated in the constituents of Nifty Commodities Index. The stop loss for these short positions should be just above the prevailing resistance level of the stock in which short position has been taken.
Nifty Consumption Index is also indicating to a bullish pattern. So long positions can be taken in the stocks that make up the Nifty Consumption Index. Our technical analysis for the week identifies bullish trends in the stocks of Tata Motors and ICICI Bank. Near term Target price for the stock of Tata Motors is Rs 480 and Stop Loss is Rs 418. Near term target price for the stock of ICICI Bank is Rs 800 and Stop Loss is Rs 732.
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