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Stock markets may remain bearish next week; Nifty likely to slip below 17k

11:43 AM Nov 27, 2021 | Gaurav Udani

Nifty and Bank Nifty

Both Nifty 50 & Bank Nifty have had a bearish week and we expect this trend to continue over the coming week. The charts suggest moderate bearishness in the price action over the next week.

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This week Nifty has closed below its crucial level of 17,200. We are expecting Nifty to test 16700 in the coming few trading sessions. Bank Nifty is trading near its support zone. Any close below 35,700 may take Bank Nifty to 34,800 levels.

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Nifty50
Nifty Bank

Nifty FMCG

Nifty FMGC entered into a new bearish wave. We are expecting the bearish trend to continue for the coming week.

Nifty FMCG

Nifty IT

The IT is trading near its support zone. We may see some consolidation in this sector for the coming week.

Nifty IT

Derivative Outlook

Nifty current month future closed with a premium of ~4 points to its spot. Next month's future is trading at a premium of around ~70 points.

We saw open interest addition of nearly 6 percent in Nifty.

Long Formation

Short Formation

Short Formation

Top five recommendations

DR REDDY

DRREDDY is trading in the consolidation zone on daily chart. Currently it is consolidating at the support level of 4455 level which indicates probability of breakout. Any sustainable breakout of consolidation zone that is 5080 level will have a good buying opportunity.

Buy DRREDDY above 5080 CMP 4750.90

Target 1 - 5712

Target 2 - 5029
Stop loss: 4605

IBULHSGFIN

IBULHSGFIN is trading in the tight range of 260 and 200 levels. Multiple times Price had given the rejection from the upper levels which indicates level of 265 is strong resistance level. Breakout of strong resistance that is 265 level will have a good upside momentum.

Buy IBULHSGFIN above 265 CMP 246.55

Target 1 - 310

Target 2 - 332

Stop loss: 220

UPL

UPL is trading at its support zone of 707 and 690 level. Breakdown of support level that is below 690 level will have a good shorting opportunity.

Short UPL below 690 CMP 703.80

Target 1 - 640

Target 2 - 615

Stop loss: 740

GLENMARK

Glenmark is trading in the range of 550 and 460 level. It had given a breakout above range of 550 level but it could not sustain which indicates bearishness as it resisted multiple times from resistance level. Below 514 level will have a good shorting opportunity.

Short GLENMARK below 514 CMP 532.20

Target 1 - 478

Target 2 - 460
Stop loss: 550

GODREJPROP

Godrej Properties is resisting from its previous support levels. Below 2065 level good opportunity to go short as it’s breaking previous swing low which indicates downtrend.

Short GODREJPROP below 2065 CMP 2095.75

Target 1 - 1860

Target 2 – 1757

Stop loss: 2270

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