Summary :
Index shied away from 20k by a few points before heavy selling pressure was observed on the last trading session of the week due to disappointing results by the IT sector. Index has risen 18 consecutive weeks with a gain of 18% at a stretch. On a weekly chart, Index has formed a shooting star pattern and it is showing buying climax symptoms but it needs to breach the support level to validate its implication. Nifty has immediate support at the 19700 level. An index can slide up to 19500 to 19300 in the next week if the index moves below the 19700 level. On the higher side index will have stiff resistance of 19850 followed by 20000.

In the previous week, Banking, pharma, and some oil & gas stocks did well while selling pressure was observed in IT, cement, and chemical stocks.

Some potential stock to watch out for next week is SPARC as the stock has retested 3 years’ bullish pattern’s neckline followed by a breach of a falling trend line. It offers a good buy opportunity at the current level with a stop loss of 215 and an upside potential in the range of 255 to 260.

HUL entered the support band and touched the long-term moving average after mixed quarterly results. It is a contra bet but offers a good risk-reward ratio. With a stop loss of 2560, stock can have an upside potential of up to 2700.
Resistance: 19420/19500
Support: 19200/19000

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